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Freddie Mac Automated Collateral Evaluation “ACE”

New Penn Financial is pleased to announce the support of Freddie Mac’s Automated Collateral Evaluation “ACE” appraisal waiver.

New Penn Financial is pleased to announce the support of Freddie Mac’s Automated Collateral Evaluation “ACE” appraisal waiver.

Loans scored on or after June 19, 2017 may receive an appraisal waiver when scored through Loan Prospector Advisor “LPA”.  Loans receiving a feedback message indicating the loan is eligible for an appraisal waiver may exercise the waiver in lieu of obtaining an appraisal.  The New Penn Financial Conventional and Home Possible Product Profiles have been updated to reflect the requirements pertaining to the waiver.  The eligibility requirements apply to the appraisal waiver:

  • One-unit properties
  • Primary residence or second home
  • Maximum 80% LTV/CLTV
  • Investment properties
  • The following are ineligible:
    o    Condominiums and leaseholds
    o    All Freddie Mac Relief Refinances
    o    Construction Conversion
    o    Properties subject to re-sale restrictions

* If the appraisal waiver is offered an appraisal should not be ordered unless there is reason to believe the property’s current market value should be confirmed.  For example, a property located in an area impacted by a recent disaster.

Refer to the New Penn Financial Conventional and Home Possible Product Profiles located in the Loan Programs page for all requirements.