Resources for lenders to understand and implement Fannie Mae appraisal waivers and property data
The Fannie Mae appraisal waivers and property data program, Value Acceptance and Property Data (VA + PD), was released by the Single Family Division on April 15, 2023. This article provides a quick reference for lenders seeking to implement VA + PD.
Valuation Modernization
Fannie Mae provides a range of options to establish property valuation for loan collateral. These include data, model and technology driven solutions like appraisal waivers and inspection-based appraisal waivers, and appraiser-dependent solutions like desktop appraisals, hybrid appraisals and traditional appraisals.
Fannie Mae Value Acceptance & Property Data
The VA + PD program has eligibility for limited cash-out, cash-out and purchase transactions. The following links provide a quick reference to the resources available from Fannie Mae:
- Single Family Valuation Modernization Overview
The Fannie Mae web page introducing valuation modernization - Selling Guide – Single Family
Go directly to the relevant selling guide sections and announcements: - VA + PD Fact Sheet
Fact sheet for lenders - VA (Appraisal Waivers) FAQ
Frequently asked questions by lenders - VA + PD Lender Vendor Flow Chart
Schematic workflow showing lender and vendor interaction - VA + PD Lender Checklist
Checklist for lenders who wish to implement appraisal waivers and property data - VA + PD Service Provider Implementation Guide (Vendor Checklist)
Checklist for vendors who wish to offer appraisal waivers and property data - Delivering a Loan Without an Appraisal Job Aid
User guide for delivery to Desktop Underwriter - VA + PD Service Providers
Approved technology and service providers - Uniform Property Dataset (UPD)
Standardized GSE data standards for property data collection - Property Data Collection User Guide
User guide for the UPD
Fannie Mae Appraisal Waivers & Property Data Adoption
MtgeFi.com publishes a monthly update on the use of appraisals, appraisal waivers and the new appraisal waivers and property data programs. These are available below:
- Correspondent sellers make big gains with inspection-based waivers: Nov 2023
- Inspection-based waivers now used by 25% of GSE sellers this year: Oct 2023
- Property Data Reports now used by 392 lenders this year: Sept 2023
- New Property Data Programs Grow Again: August 2023
- New Appraisal Waivers Continue Strong Growth: July 2023
- New Appraisal Waivers and Property Data Programs Double: June 2023