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September 13, 2018
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Leveraging Data to Improve the Mortgage Appraisal Process

We’ve just published our most recent customer video! This video gives a look at how Freddie Mac is leveraging big data, artificial intelligence, and machine learning to improve the mortgage appraisal process.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since its creation in 1970, its made housing more accessible and affordable for homebuyers and renters in communities nationwide. The company is building a better housing finance system for homebuyers, renters, lenders and taxpayers.

Data is essential in the mortgage life cycle. With today’s new rapid pace, speed to market is a huge factor for any business. Freddie Mac faced challenges with the variety of data, and yielding business results from legacy toolsets.

HDP became the solution to address these challenges. Now data from a variety of sources, formats, and sizes, can be stored and analyzed. Freddie Mac has been able to shorten the time it takes to gain insights and make decisions. It used to take between 3-6 months to obtain this information, and now those insights can be obtained on day one.

Benefitting the Borrower

Data is now being stored and managed in a secure way, and the company is leveraging big data, artificial intelligence, and machine learning to improve the mortgage appraisal process for borrowers. One example of this in action involves ACE, the Alternative Collateral Evaluation process. This looks at historical appraisals that have been submitted and leverages this data to reduce the need for some buyers to go through the appraisal process. ACE can save the borrower between $500-700 and can cut up to 14 days off the closing cycle. With data, estimates are much more precise for the borrower and risk for lenders is reduced.

The company is also looking at HDF and DataPlane, to implement a hybrid cloud environment. Apache Ranger and Apache Atlas provide security and governance for the data.

A key reason why Freddie Mac chose Hortonworks was due to its “proximity to the trunk,” how close the bond is with the Apache open source community.

We feel good about Hortonworks because of the association with the Open Source community. We think there are a tremendous set of opportunities, making the transition to the cloud more effective for us.” –Dennis Tally, Director, Single Family Data Governance.

It’s clear with this modern data architecture, that Freddie Mac is completely changing the game for both borrowers and lenders.

For more customer use cases, visit: https://hortonworks.com/customers

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