Freddie Mac: Updated Property Values for Borrowers Impacted by Eligible Disasters
April 20, 2018
Source: Freddie Mac
We recently updated BPODirect® with the most recent pre-disaster property values.
When you evaluate borrowers impacted by an eligible disaster that occurred on or after August 25, 2017, for a Freddie Mac Flex Modification®, please use the property values provided in the “Auto Value” field in BPODirect. We’ve updated these to provide the most recent available value prior to the date of the eligible disaster.
Even if the property value is 90 days old or older, you must use that value, but continue to follow all other requirements in Single-Family Seller/Servicer Guide (Guide) Section 9206.8. In most cases, there will continue to be no value provided via Home Value Explorer® or the Automated Valuation Model report for properties in an eligible disaster area, so please use BPODirect in those instances.
If there is no property value in BPODirect, then you must order a broker price option. Please refer to Guide Section 9206.5 for full eligibility requirements for the Flex Modification.
For More Information
- Visit Freddie Mac’s Learning Center for more on our training programs and reference tools.
- Contact your Freddie Mac representative.