New Appraisal Waivers Continue Strong Growth: July 2023

Appraisal waivers and property data in 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

Fannie Mae had 199 lenders participate in their new Value Acceptance and Property Data program, a 51% increase on the prior month. Significantly this included 85 community banks and credit unions. Freddie Mac added 10 to reach a total of 81 lenders in their ACE+ PDR program.

Production channel

Once again, retail channels accounted for 60% of appraisal waivers and property data collection, growing over 24% to $368M. Mortgage brokers accounted for 27% and correspondent sellers 12% of volume, growing 19% and 17.5% respectively in the prior month.

Top lenders

Significantly, the collective market share of Rocket and UWM fell below 50% on higher volumes, as other large lenders increased adoption of these programs. Other top lenders like Guaranteed Rate increased use by 144% month-over-month, with Prosperity, Crosscountry, New American and CMG also posting large gains.

More about appraisal waivers and property data

For lenders who wish to learn more about the programs, you can check out the the following articles. These include links to the Freddie Mac and Fannie Mae 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:

Also available are the Freddie Mac ACE+ PDR FAQ and the Fannie Mae Value Acceptance + Property Data FAQ.

See Q4 2023 mortgage originator volumes by property valuation type

MtgeFi identifies the originators using appraisals, inspection-based waivers and appraisal waivers