On August 18, Freddie Mac issued a press release announcing an automated appraisal alternative for eligible consumers purchasing homes or refinancing existing mortgages. The program, known as an “automated collateral evaluation,” will permit lenders to utilize Freddie Mac’s proprietary platforms to see if an estimate of home value can be used in lieu of obtaining a traditional appraisal. Freddie predicts the program could save home buyers several hundred dollars and reduce closing times by as many as 10 days if it determines a traditional appraisal is unnecessary. Automated appraisals will become available for qualified transactions starting September 1, 2017. The program has been available for qualified home refinances since June 19, 2017.