For September 2026, GSE issuance totaled $67.6BN, down 4.1% from August, and up 6.9% from September 2025. For property valuations, $53.7BN (79.4%) closed using appraisals, down 4.2%, and $11.95BN (17.7%) closed utilizing appraisal waivers, down 4.4% from the prior month.
Lenders delivered $1.95BN (2.89%) with inspection based appraisal waivers in September, down 0.3% from August, and up 35.6% from a year ago. This is another month of issuance close to $2BN using inspection-based waivers since the solutions were introduced by the GSEs.
Inspection based appraisal waivers by loan count were 2.94% of issuance, down 0.8% over last month and up 31.0% from a year ago.
Overall, inspection based waivers in September were 14.0% of the combined non-appraisal (waiver) solutions by loan balance, and 12.9% by loan count. This is the largest monthly share since the solutions were introduced.
Combined use of inspection based waivers and appraisal waivers in September was 20.6% by balance and 22.8% by loan count.
Agency Share of Appraisal Inspection Waivers
Fannie Mae Valuation Acceptance + Property Data market share of inspection based waivers in September was 55.9% on volume of $1.09BN, up 10.8% from August. There are 554 lenders who have delivered loans through Fannie Mae Valuation Acceptance + Property Data, including 292 independent mortgage companies and 155 banks and 110 credit unions. A total of 206 lenders issued loans using inspection based appraisal waivers in September with Valuation Acceptance + Property Data, up 13.8% from August, and up 124.6% from the prior year.
Freddie Mac ACE+ PDR (Automated Collateral Evaluation plus Property Data Report) market share for inspection based waivers in September was 44.1% on volume of $860MM, down 11.5% from August. Freddie Mac participation is at 549 lenders, including 215 banks, 49 credit unions, and 287 non-banks. A total of 193 individual lenders issued loans using inspection based waivers with ACE+ PDR, down 2.5% from August, and up 34.0% from the prior year.
Bank, Credit Union & Nonbank Appraisal Alternatives
For bank sellers, 667 (73.8%) have used appraisal waivers and 262 (29.0%) have used inspection based waivers to deliver loans to the GSEs in the past couple of years. In September 48.9% used appraisal waivers, down 0.71% from last year, and 13.7% used inspection based waivers, up 63.2% from a year ago.
For credit union sellers, 363 (77.1%) have used appraisal waivers and 144 (30.6%) have used inspection based waivers to deliver loans to the GSEs, again since 2023. In September 51.9% used appraisal waivers and 10.9% used inspection based waivers, up 9.2% and up 52.6% respectively from a year ago.
For nonbank sellers, 576 (81.2%) have used appraisal waivers and 354 (49.9%) have used inspection based waivers to deliver loans to the GSEs. In September 74.4% used appraisal waivers, marginally down on last year, and 35.9% used inspection based appraisal waivers, up 45.0% from a year ago.
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Production channel
Broker channel issuance was $9.2BN (13.7%) in September, down 9.8% on last month, with 117 lenders delivering loans. Correspondent channel issuance was $20.2BN (29.9%), down marginally from the prior month, from 165 lenders. Retail issuance was $38.1BN (56.4%), down 2.4% from August, from 1,183 lenders.
For inspection based appraisal waivers in September, broker volume was $477MM (24.4%) down 13.2% from 38 sellers. The correspondent channel was $408MM (20.9%) up 9.9% from the prior month in the overall volume, from 44 aggregators. Retail channel utilization of inspection-based waivers was $1.07BN (54.6%) of issuance, up 2.9% from 236 lenders.
Loan Purpose
Purchase volume using inspection based appraisal waivers in September was $1.67BN (85.8%), up 2.3% from August, and up 56.1% from last year. Refinance (cash out) volume using inspection based appraisal waivers in August was $162MM (8.3%) up 5.5% from August, and up 7.9% from last year. Refinance (limited or no cash out) volume using inspection based appraisal waivers in August was $114M (5.9%) down 31.3% from August, and down 47.0% from last year.
More about Appraisal Inspection Waivers in September
For lenders who wish to learn more, you can check out the following articles. These include links to the Freddie Mac ACE+ PDR and Fannie Mae Valuation Acceptance and collateral valuation modernization strategies, new programs, selling guide updates, FAQs, process flow, job aids, approved technology and service providers, and information about the property data standards and user guides:
- Implementing the Freddie Mac Inspection-based Waivers – Quick Reference for Lenders
- Implementing the Fannie Mae Inspection-based Waivers – Quick Reference for Lenders
In addition, you can access the Freddie Mac ACE+ PDR Solution page and the Fannie Mae Value Acceptance + Property Data FAQ.