For August 2026, GSE issuance totaled $70.5BN, down 1.0% from July, and up 7.7% from August 2025. For property valuations, $56.0BN (79.5%) closed using appraisals, down 1.0%, and $12.5BN (17.7%) closed utilizing appraisal waivers, down 1.3% from the prior month.
Lenders delivered $1.96BN (2.78%) with inspection based appraisal waivers in August, down 0.1% from July, and up 26.6% from a year ago. This is the second largest month of issuance close to $2BN using inspection-based waivers since the solutions were introduced by the GSEs.
This is the largest month of inspection based appraisal waivers by loan count, at 2.9% of issuance, up 2.5% over last month and up 17.6% from a year ago.
Overall, inspection based waivers in August were 13.5% of the combined non-appraisal solutions by loan balance. By loan count, inspection-based waivers represented 12.7% of all waiver solutions.
Combined use of inspection based waivers and appraisal waivers in August was 20.5% by balance and 22.8% by loan count.
Agency Share
Fannie Mae Valuation Acceptance + Property Data market share of inspection based waivers in August was 50.3% on volume of $985MM, down 8.1% from July. There are 545 lenders who have delivered loans through Fannie Mae Valuation Acceptance + Property Data, including 287 independent mortgage companies and 152 banks and 109 credit unions. A total of 181 lenders issued loans using inspection based appraisal waivers in August with Valuation Acceptance + Property Data, down 1.1% from July, and up 101.1% from the prior year.
Freddie Mac ACE+ PDR (Automated Collateral Evaluation plus Property Data Report) market share for inspection based waivers in August was 49.7% on volume of $972MM, up 9.6% from July. Freddie Mac participation is at 544 lenders, including 215 banks, 48 credit unions, and 283 non-banks. A total of 198 individual lenders issued loans using inspection based waivers with ACE+ PDR, up 13.0% from July, and up 34.7% from the prior year.
Bank, Credit Union & Nonbank appraisal alternatives
For bank sellers, 663 (73.6%) have used appraisal waivers and 260 (28.9%) have used inspection based waivers to deliver loans to the GSEs in the past couple of years. In August 55.8% used appraisal waivers and 13.2% used inspection based waivers, up 10.4% and 59.6% respectively from a year ago.
For credit union sellers, 361 (77.0%) have used appraisal waivers and 143 (30.5%) have used inspection based waivers to deliver loans to the GSEs, again since 2023. In August 54.6% used appraisal waivers and 10.3% used inspection based waivers, up 14.1% and up 55.6% respectively from a year ago.
For nonbank sellers, 573 (81.2%) have used appraisal waivers and 351 (49.7%) have used inspection based waivers to deliver loans to the GSEs. In August 73.6% used appraisal waivers and 34.7% used inspection based appraisal waivers, up 0.3% and 33.6% respectively from a year ago.
Not seeing what you need?
Request a specific report or information from MtgeFi.com
Production channel
Broker channel issuance was $11.2BN (15.8%) in August, down 7.7% on last month, with 114 lenders delivering loans. Correspondent channel issuance was $20.2BN (28.7%), down 15.1% from the prior month, from 162 lenders. Retail issuance was $39.1BN (50.6%), up 11.2% from July, from 1,210 lenders.
For inspection based appraisal waivers in August, broker volume was $549MM (28.1%)down 7.4% from 44 sellers. The correspondent channel was $371MM (19.0%) down 15.1% from the prior month in the overall volume, from 40 aggregators. Retail channel utilization of inspection-based waivers was $1.04BN (53.0%) of issuance, up 11.5% from 216 lenders.
Loan Purpose
Purchase volume using inspection based appraisal waivers in August was $1.64BN (83.6%), up 1.5% from July, and up 33.8% from last year. Refinance (cash out) volume using inspection based appraisal waivers in August was $154MM (7.9%) down 4.2% from July, and down 22.7% from last year. Refinance (limited or no cash out) volume using inspection based appraisal waivers in August was $166M (8.5%) down 10.5% from July, and up 34.0% from last year.
More about inspection based waivers in August
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.