Your loan has been underwritten and conditionally credit approved! As you know we will not require and appraisal on your loan.
No Appraisal needed:
Automated Collateral Evaluation (ACE) leverages historical data and proprietary models to assess whether the estimate of value provided by the client or purchase price may be used in lieu of obtaining a full appraisal.
Loan Product Advisor (LPA) will determine when a transaction is eligible for ACE and will NOT return an actual value.
Loans that qualify for ACE do not require an appraisal and the Automated Underwriting System (AUS) findings will return an appraisal waiver indicating the loan is ACE eligible.
We have to thank Chris Von der Porten from Bank of America for all of this amazing information