MtgeFi Blog
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Correspondent lenders starting to offer new incentives with inspection-based waivers
Since inspection-based waivers were introduced by Freddie Mac and Fannie Mae the number of lenders delivering loans has grown quickly, with 25% of all agency sellers utilizing these solutions through the end of October 2023. What is less visible is the number of correspondent lenders who are taking advantage of these new solutions. To recap,…
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Correspondent sellers make big gains with inspection-based waivers
For November 2023, GSE originations totaled $47.7BN, down 9.86% on the prior month. For property valuations, $41.1BN (86.1%) closed using appraisals, down 9.56%, and $5.78BN (12.1%) closed utilizing appraisal waivers, also down by 12.35% on the prior month. Lenders closed $845MM (1.77%) with inspection-based waivers, down 7.27% on October 2023. Overall, inspection-based waivers comprised 12.76%…
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Inspection-based waivers now used by 25% of GSE sellers this year
For October 2023, GSE originations totaled $50.8BN, down 14.4% on the prior month. For property valuations, $43.5BN (85.8%) closed using appraisals and $6.36BN (12.52%) closed utilizing appraisal waivers. Lenders closed $879MM (1.73%) with inspection-based waivers, up 1.6% on September 2023. To put this into perspective, in a month where 15% less loans were delivered to…
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Residential appraisals being used for 87% of all loans delivered
The total number of residential appraisals completed for agency loans was 260,017, representing 87.1% of all loans. There were 35,105 waivers (11.76%) and 3,425 inspection-based waivers (1.15%). As with total loans, this was marginally higher (~1%) than the prior month of August, and the second largest monthly delivery after June.
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Agency loans near 300,000, the second largest month this year
In September, the total number of agency loans delivered was 298,548. This was marginally higher (~1%) than the prior month of August, and the second largest monthly delivery after June. Based on loans delivered as-of October 15, loans for the full month of October are expected to be 2-3% higher at 305,000.
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Property Data Reports now used by 392 lenders this year
For September 2023, GSE originations totaled $57.7BN, up 3.4% on the prior month. For property valuations, $49.8BN (86.3%) closed using appraisals and $7.03BN (12.1%) closed utilizing appraisal waivers. Lenders closed $848MM (1.5%) with appraisal waivers and property data reports, up over 21% on the prior month of August. Property Data Reports The Freddie Mac ACE+…
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New Property Data Programs Grow Again: August 2023
For August 2023, GSE originations totaled $55.8BN, down 3.5% on the prior month. For property valuations, $48.4BN (87%) were completed with appraisals and $6.74BN (12.5%) were completed with appraisal waivers. Over $698MM (1.25%) were completed with an appraisal waiver + property data collection, up over 15% on the prior month. Property Data by Agency Fannie…
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Implementing the Freddie Mac Appraisal Waivers – Quick Reference for Lenders
The Freddie Mac appraisal waivers and property data program, Automated Collateral Evaluation (ACE) and Property Data Report (ACE+ PDR), was released by the Single Family Division on July 17, 2022. This article provides a quick reference for lenders seeking to implement ACE+ PDR.
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New Appraisal Waivers Continue Strong Growth: July 2023
For July 2023, GSE originations totaled $57.8BN, down 13% on the prior month. For loans delivered to the GSEs, $49.9BN (86%) were completed with appraisals and $6.6BN (11%) were completed with appraisal waivers. Additionally, $606MM (1%) were completed with appraisal waivers and property data collection, up 22% on the prior month. Appraisal waivers by Agency…
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Implementing the Fannie Mae Appraisal Waivers – Quick Reference for Lenders
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.