PIW or ACE

PIW stands for “Property Inspection Waiver” and is issued by Fannie Mae.

ACE stands for “Automated Collateral Evaluation” and is issued by Freddie Mac

They are typically given for loans that are deemed by Fannie or Freddie to be low risk.

HOW IT WORKS

If a PIW or ACE is given on a loan, it means we do not have to do an appraisal. Our team electronically sends the loan to Fannie or Freddie for underwriting approval. It the file meets all of their parameters, a PIW or ACE will be issued. But it's not a guarantee.

Unlike other lenders, we can apply both a PIW or ACE and will take what we can get! We'll also do everything to keep it in place. Situations such as an address change (like adding a unit number) can cause the PIW or ACE to be lost. Because of our extensive underwriting, we’re able to go back to what initially worked to keep the PIW or ACE.

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