Freddie Mac announced today that, going forward, not every application for a purchase mortgage will necessarily trigger an appraisal . A new automated alternative to traditional appraisals, which the company introduced for refinances in June, will soon be available for purchase mortgages. It may save borrowers in some instances as much as $500, and reduce their wait to close a loan by seven to ten days. Freddie Mac's automated collateral evaluation (ACE) uses a proprietary model to assesses the need for an appraisal by using data from multiple listing services, public records, and information on historical home values to determine collateral risks. Lenders must submit loan data through Freddie Mac's Loan Product Advisor to determine if a property is eligible for ACE. ACE will be available for

August 18, 2017 Download our Mobile App: Download our Mobile App: Housing News Freddie Mac to Automate Appraisals for Some Purchase Mortgages Freddie Mac announced today that, going forward, not every application for a purchase mortgage will necessarily trigger an appraisal . A new automated alternative to traditional appraisals, which the company introduced for refinances in June, will so... (read more) Housing News Freddie Mac Puts Price on All-Cash Transactions As investors flooded into the housing market after it collapses, they brought cash with them. At one point, 35 percent of home sale transactions were closed without a mortgage, i.e. were all-cash sales. Home prices are up, the bargains are gone, but ... (read more) Rob Chrisman Appraisal News; Lock Process Changes; HARP, CRT Brad Pitt - a wannabe architect? In 2007, Pitt founded the Make It Right Foundation to build homes for families whose original residences had been washed away in Hurricane Katrina. Here's one - the "Tiny House" - very cool . Mr. Pitt's accountants kn... (read more) Mortgage Rate Watch Trump Administration Drama Pushing Rates Even Lower Mortgage rates fell yesterday in response to a tweet about Trump disbanding his councils of CEOs. Twitter was in play again today . This time around it was Gary Cohn, Trump's economic advisor. Rather, it was rumors of Cohn's departure that sent finan... (read more) MBS Commentary MBS Live Day Ahead: Most Traders Thinking "Don't Rock The Boat" A maritime analogy for bond trading in the Summertime... In the summer months especially, there's a boat-friendly baseline weather pattern offshore.  Lest you think that's a generality that doesn't merit your full confidence, check out the fo... (read more) MBS Commentary MBS Live Recap: Introducing The "Snow Cohn" What do you get when bond markets embark on a snowball rally due to headlines concerning Trump's Economic Advisor Gary Cohn?  A delicious "Snow Cohn," of course (my team of writers assured me that was worth what I paid). In all seriousness, th... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.78% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.78% +0.01 0.00 15 Yr. Fixed 6.04% +0.01 0.00 30 Yr. FHA 6.36% +0.01 0.00 30 Yr. Jumbo 6.90% 0.00 0.00 7/6 SOFR ARM 6.25% 0.00 0.00 30 Yr. VA 6.38% +0.02 0.00 Updates Daily - Last Update: 7/23 15 Yr. Fixed Rate 6.04% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.75% +0.03 0.00 15 Yr. Fixed 5.92% +0.06 0.00 Updates Weekly - Last Update: 7/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.84% +0.02 0.62 15 Yr. Fixed 6.14% +0.03 0.69 30 Yr. Jumbo 6.75% -0.06 0.70 Updates Weekly - Last Update: 7/23 MBS / Treasuries UMBS 30YR 5.5 99.41 -0.10 Price / Yield Change MBS UMBS 5.5 99.34 -0.16 UMBS 6.0 101.27 -0.13 GNMA 5.5 99.61 -0.17 GNMA 6.0 101.26 -0.06 Pricing as of: 7/23 1:08PM EST 10 Year US Treasury 4.3758 +0.0298 Price / Yield Change US Treasury 2 YR Treasury 3.877 +0.048 5 YR Treasury 3.932 +0.047 7 YR Treasury 4.147 +0.049 10 YR Treasury 4.392 +0.046 30 YR Treasury 4.960 +0.043 Pricing as of: 7/23 1:08PM EST Latest Video BMO analyst says to buy stocks over bonds Keep your eye on the yield curve: Pro Stocks turn higher on report expecting Bannon firing Around the Web Calculated Risk Blog Sacramento Housing in July: Sales up Slightly YoY, Active Inventory down 18% YoY Reuters N.Y. Fed raises U.S. third-quarter GDP growth view above two percent Brookings Institution The Hutchins Center Explains: The Fed's balance sheet Reuters Stability concerns focus at Fed ahead of Yellen speech CNBC Trump decides to remove chief strategist Steve Bannon: New York Times Calculated Risk Blog Lawler: Early Read on Existing Home Sales in July CNBC As US stocks get slammed, these markets are gaining ground Calculated Risk Blog BLS: Unemployment Rates Unchanged in 46 states in July, Two States at New Series Lows CNBC Consumer sentiment hits 97.6 in August vs. 94 estimate Bloomberg Holidays on Hold in Bond Market Defying Usual August Slowdown Freddie Mac Freddie Mac Introduces Innovative Appraisal Alternative for Home Purchases and Refinances CNBC US Treasurys rise as US politics, Barcelona attack weigh on sentiment Bloomberg Fed's Yellen to Headline Annual Jackson Hole Policy Conference - Bloomberg

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