For June 2025, GSE issuance totaled $63.3BN, up 11.6% on May, and up 4.3% on June 2024. For property valuations, $52.6BN (83.0%) closed using appraisals, up 13.5%, and $9.54BN (15.0%) closed utilizing appraisal waivers, up 21.2% on the prior month.
Lenders delivered $1.22BN (1.92%) with inspection based appraisal waivers in June, down 9.3% on May. This is the third consecutive month with over $1 billion loan balance issued, and 5th month overall, although lower than May. By loan count inspection based appraisal waivers were 2.34% of issuance, down 10.4%.
Overall, inspection based waivers in June were 11.3% of the combined non-appraisal solutions by loan balance. By number of loans delivered, inspection-based waivers were 12.6% of all waiver solutions. The use of inspection based appraisal waivers in June was up 42.1% from 12 months ago.
Combined use of inspection based waivers and appraisal waivers in June was 17.0% by balance and 18.6% by loan count.
Agency share of appraisal waivers in June
Fannie Mae Valuation Acceptance + Property Data market share of inspection based waivers in June was 66.0% on volume of $802MM, down 19.2% on May. There are 412 lenders who have delivered loans through Fannie Mae Valuation Acceptance + Property Data, including 222 independent mortgage companies and 117 banks and 74 credit unions. A total of 80 lenders issued loans using inspection based appraisal waivers in June with Valuation Acceptance + Property Data, down 2.4% on May.
Freddie Mac ACE+ PDR (Automated Collateral Evaluation plus Property Data Report) market share for inspection based waivers in June was 34.0% on volume of $413MM, up 19.1%. Freddie Mac participation is at 480 lenders, including 192 banks, 42 credit unions, and 246 non-banks. A total of 137 individual lenders issued loans using inspection based waivers with ACE+ PDR, up 17.1% on the prior month.
Bank, credit union & nonbank using appraisal alternatives
For bank sellers, 74.3% have used appraisal waivers and 26.7% have used inspection based waivers to deliver loans to the GSEs in the past couple of years. In June 47.3% used appraisal waivers and 4.1% used inspection based waivers.
For credit union sellers, 74.6% have used appraisal waivers and 24.7% have used inspection based waivers to deliver loans to the GSEs, again since 2023. In June 44.2% used appraisal waivers and 4.1% used inspection based waivers.
For nonbank sellers, 79.5% have used appraisal waivers and 46.1% have used inspection based waivers to deliver loans to the GSEs. In June 70.4% used appraisal waivers and 22.9% used inspection based appraisal waivers.
Top Appraisal Management Companies (AMCs) in June 2025
Top Appraisal Management Companies (AMCs) with Active State Licenses, as-of Q2 2025. Includes 349 AMCs with Standardized Names, Acquisitions, Parent Companies, Active States, Number of States Active, Website URL, Primary Address and Phone, and Affiliated Lenders where AMCs are subsidiaries or affiliates of mortgage companies. The deliverable is a multi-tab spreadsheet file.
Production channel
Broker channel issuance was $10.0BN in June with 113 lenders delivering loans, down 6.2% on last month. Correspondent channel issuance was $23.6BN from 173 lenders, up 18.4%. Retail issuance was $29.7BN from 1,204 lenders, up 13.7% on May.
For inspection based appraisal waivers in June, broker volume was $440M and 36.2% of loans delivered, down 17.6% from 25 sellers. The correspondent channel was $187MM and 12.2%, up 16.0% of the overall volume from the prior month, from 32 aggregators. Retail channel utilization of inspection-based waivers was down 8.8% to $587MM at 48.3% of issuance from 151 lenders.
Top lender utilization of waivers
For 2025 year-to-date, the market-level utilization by loan count of appraisal waivers is 15.6% and for inspection based waivers 2.46%. Volume is heavily skewed to top banks and nonbank lenders who have optimized production for waivers.
Hybrid appraisals, now live in the GSE selling guides, use the same on-site property inspection report. Early feedback is that GSE automated underwriting systems are offering hybrid appraisal alternatives on ~30% of loans submitted.
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More about inspection based waivers in June
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.