source:
  type: guide
  id: fhlmc-9202.4
  authority: Freddie Mac Single-Family Seller/Servicer Guide Section 9202.4 — When
    to obtain a property value
  description: Freddie Mac Single-Family Seller/Servicer Guide Section 9202.4 — When
    to obtain a property value.
  coverage_tier: operative
obligations:
- id: fhlmc-9202.4-full
  canonical_id: fhlmc-9202.4-full
  section: Freddie Mac Single-Family Seller/Servicer Guide Section 9202.4 — When to
    obtain a property value
  type: do
  tags:
  - regulator-direct
  - fhlmc
  - freddie-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide Section 9202.4 — When
      to obtain a property value
    source_class: fhlmc-guide
    source_url: https://guide.freddiemac.com/ci-guide
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-05-23T00:27:40Z'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '9202.4: When to obtain a property value (12/17/25) This section
      contains requirements related to: ■ When to obtain a property value ■ Obtaining
      a property value and Borrower Disclosures ■ Checking the status of orders for
      property valuations ■ Valuation costs ■ Remitting BPO cost reimbursements to
      Freddie Mac (a) When to obtain a property value (i) Obtaining a property value
      in connection with an alternative to foreclosure Servicers must obtain a property
      value from Freddie Mac when considering a Borrower for a workout. The requirements
      for obtaining a property value differ based on the type of alternative to foreclosure
      for which the Borrower is being considered. Refer to Chapters 9206 through 9210
      for the requirements for obtaining a property value for each specific foreclosure
      alternative. Note: If the Mortgage is covered by mortgage insurance, the Servicer
      must ensure that the property value it obtains is based on a property valuation
      type that is consistent with the MI’s requirements. (ii) Obtaining a property
      value to prepare foreclosure sale bidding instructions Servicers are not required
      to obtain property values when preparing foreclosure sale bidding instructions
      on properties subject to resale restrictions that survive foreclosure or recordation
      of a deed-in-lieu of foreclosure (in accordance with Chapters 4406, 4502 or
      4504, as applicable). The Servicer must refer to the applicable resale restrictions
      for Freddie Mac Single-Family Seller/Servicer Guide Chapter 9202 As of 12/17/25
      Page 9202-17 details on the property valuation and/or the restricted resale
      price, as well as any other terms and conditions that must be met. If State
      law requires that an appraisal report be used to set the bid, then the Servicer
      must obtain the appraisal report in sufficient time to complete the foreclosure
      by the scheduled foreclosure sale date. The Servicer may obtain the appraisal
      report either directly from Freddie Mac through BPOdirect® or from an appraiser
      of its choice. If a Servicer does not obtain the appraisal report directly from
      Freddie Mac, then the Servicer must: ■ Obtain Freddie Mac’s prior written approval
      to order the appraisal report from an appraiser of its choice at least 30 days
      before the scheduled foreclosure sale date. Freddie Mac’s approval can be obtained
      by submitting a request for pre-approval (RPA) via PAID (Payments Automated
      Intelligent and Dynamic) (see Exhibit 88, Servicing Tools). If a Servicer does
      not obtain Freddie Mac’s prior approval, Freddie Mac will not reimburse the
      Servicer for the appraisal expense. ■ Ensure the appraisal is obtained in accordance
      with applicable law, and the appraisal must comply with the requirements of
      Topic 5600 and Section 9301.8(c) When State law does not require an appraisal
      report to be used to set the bid, unless the foreclosure sale is of a property
      subject to resale restrictions that survive foreclosure or recordation of a
      deed-in-lieu of foreclosure, the Servicer must comply with the credit bid requirements
      in Section 9301.8(b) for First-Lien Mortgages not covered by mortgage insurance.
      In States where the sheriff orders an appraisal to determine the opening bid
      at a foreclosure sale, the Servicer must still determine the maximum bid the
      Servicer is authorized to make on Freddie Mac’s behalf. (See Sections 9301.8(a)
      through 9301.8(f) for instructions for bidding at a foreclosure sale.) (b) Obtaining
      a property value and Borrower Disclosures Regardless of whether the Servicer,
      Freddie Mac or both are evaluating the Borrower for a workout or relief option,
      the Servicer must provide the Borrower such notices and valuations as are required
      by applicable law, including the Equal Credit Opportunity Act. This includes
      notices and valuations developed in connection with a workout or relief option
      that is considered to be an application for credit. The Servicer must give the
      Borrower the property valuation provided to the Servicer by Freddie Mac through
      BPOdirect or other sources. If Freddie Mac participated in evaluating a Borrower
      for a workout or relief option that gives rise to an obligation to provide the
      Borrower a valuation developed in connection with an application for a workout
      or relief option, then the Servicer must provide the valuation to the Borrower
      on behalf of Freddie Mac. In these cases, the communication from the Servicer
      to Freddie Mac Single-Family Seller/Servicer Guide Chapter 9202 As of 12/17/25
      Page 9202-18 the Borrower transmitting the valuation must identify both the
      Servicer and Freddie Mac as providing the valuation. (i) Obtaining a property
      value via BPOdirect For requirements on obtaining a property value via BPOdirect,
      refer to Section 2406.1. Refer to Section 9209.5(d) for additional details on
      obtaining a property valuation for a deed-in-lieu of foreclosure. Refer to Section
      9210.1(c) for valuation requirements to submit a recommendation for a charge-off.
      (ii) Property values obtained via the Freddie Mac Real Estate Valuation and
      Pricing tool Except for Mortgages secured by properties subject to resale restrictions
      (in accordance with Chapter 4502 or 4406, as applicable), the Servicer must
      obtain a property value through the Real Estate Valuation and Pricing tool (see
      Exhibit 88, Servicing Tools) for a Borrower being considered for a Standard
      Short Sale. Refer to Section 9208.2(a) for additional details on obtaining a
      short sale property value. Note: Based on the information provided by the Servicer,
      Resolve® will determine the property value of each Mortgage under consideration
      for a Freddie Mac Flex Modification®. (c) Checking the status of orders for
      property valuations A Servicer may determine the status of its BPO order by
      accessing BPODirect and entering the Freddie Mac loan number. Contact Freddie
      Mac with any questions about a BPO order (see Directory 6). A Servicer may determine
      the status of the property valuation ordered in the Freddie Mac Real Estate
      Valuation and Pricing tool (see Exhibit 88, Servicing Tools) for the purposes
      of a Freddie Mac Standard Short Sale pursuant to Section 9202.4(b). (See also
      Section 9208.2(a) for details on obtaining a short sale property value via the
      Freddie Mac Real Estate Valuation and Pricing tool.) (d) Valuation costs Freddie
      Mac does not charge a fee for automated valuations. For all other valuations,
      the cost of the valuation depends on whether an interior or exterior valuation
      is conducted. Servicers should consult the table below for further details related
      to the cost of the property valuations ordered through BPODirect or Real Estate
      Valuation Pricing (see Exhibit 88, Servicing Tools): Freddie Mac Single-Family
      Seller/Servicer Guide Chapter 9202 As of 12/17/25 Page 9202-19 Cost of property
      valuation through BPODirect Purpose of valuation order Valuation type Cost ■
      Short sale ■ Deed-in-lieu of foreclosure ■ Workout Mortgage assumption of: ❑
      A Mortgage secured by a 2- to 4-unit property, a Manufactured Home or a dwelling
      subject to a leasehold estate ❑ A Cooperative Share Loan secured by a First
      Lien on the Cooperative Interest to a Cooperative Unit (see Chapter 8801 for
      special Servicing requirements for Cooperative Share Loans) ■ Determine value
      for Borrower- requested cancelation of Borrower-paid mortgage insurance BPO:
      Interior valuation with interior and exterior photographs Full interior/exterior
      appraisal 1-unit single family property 2-4 unit property Note: A Servicer should
      only order an appraisal when required by applicable law or the Servicer determines
      an appraisal is in the best interest of the Borrower. $150 $775 $850 ■ Workout
      Mortgage assumption of a Mortgage secured by a 1- unit property (not a Manufactured
      Home, a dwelling subject to a leasehold estate or a Cooperative Unit). Note:
      A Servicer must not order a new BPO through BPOdirect for a 1-unit property
      if the Servicer is required to use an available automated value in accordance
      with the requirements of Section 9207.1(d). ■ Prepare bidding instructions for
      a foreclosure sale BPO: Exterior valuation with exterior photographs Exterior
      (drive-by) appraisal Note: A Servicer should only order an appraisal when required
      by applicable law or the Servicer determines an appraisal is in the best interest
      of the Borrower. $100 $550 Freddie Mac Single-Family Seller/Servicer Guide Chapter
      9202 As of 12/17/25 Page 9202-20 Cost of property valuation through BPODirect
      Purpose of valuation order Valuation type Cost ■ Determine value for a bankruptcy
      (e) Remitting BPO cost reimbursements to Freddie Mac (i) BPOs ordered for loss
      mitigation or foreclosure sale bidding For BPOs ordered for loss mitigation
      or foreclosure sale bidding, the Servicer must forward a check made payable
      to the Federal Home Loan Mortgage Corporation at the following address. FREDDIE
      MAC P.O. BOX 730453 Dallas, TX 75373-0453 Send overnight and courier deliveries
      to: JP MORGAN CHASE Dallas National Wholesale LB TX 1-0029 14800 Frye Road Fort
      Worth, TX 76155 Attn: HomeSteps #73453 Whenever possible and if permitted by
      State law, the Servicer must collect the cost of any applicable BPOs from the
      Borrower if the Mortgage was fully reinstated, paid-off or modified pursuant
      to the modification requirements in Chapter 9206 or assumed under Freddie Mac’s
      workout Mortgage assumption option in Chapter 9207. If the Servicer was unable
      to collect the cost of the BPO from the Borrower, it must document in the Mortgage
      file the reason it was unable to collect the funds. Freddie Mac will review
      the reasons for noncollection when it audits the Servicer’s files. If the Borrower
      is offering to fully reinstate the Mortgage and can pay all arrearages and costs,
      except for the cost of the BPO, the Servicer may reinstate the Mortgage without
      collecting the BPO cost. The Servicer is not required to remit the BPO funds
      to Freddie Mac, but must document the reason for nonremittance in the Mortgage
      file. The Servicer may collect accrued late charges from the Borrower once all
      other arrearages and costs, including the BPO costs, are paid. (ii) BPOs ordered
      for Borrower-paid mortgage insurance cancelation Freddie Mac Single-Family Seller/Servicer
      Guide Chapter 9202 As of 12/17/25 Page 9202-21 For BPOs ordered for cancelation
      of Borrower-paid mortgage insurance, the Servicer will be billed for the cost
      of the BPO on its Performing Loans monthly Servicer Billing Statement. This
      cost must be paid in accordance with the requirements for remitting payment
      of fees billed on the Servicer’s billing statement. Refer to Section 8303.1(d)
      for information on remitting fees billed on the Performing Loans monthly Servicer
      Billing Statement. Freddie Mac Single-Family Seller/Servicer Guide Chapter 9203
      As of 05/01/26 Page 9203-1 Chapter 9203: Reinstatements and Relief Options'
  judgment: false
