A new automated tool from the Federal Home Loan Mortgage Corp. will enable some home buyers to avoid the time and expense of a full appraisal report.

The tool, announced Friday by the McLean, Virginia-based secondary mortgage lender, has been dubbed automated collateral evaluation, or ACE.

According to Freddie Mac, using proprietary models and data from multiple listing services, the automated appraisal alternative assesses the need for a traditional report.

Source: Mortgage Daily