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For June 2024, GSE issuance totaled $58.4BN, up 7.1% on April. For property valuations, $50.6BN (86.6%) closed using appraisals, up 6.2%, and $6.9BN (11.8%) closed utilizing appraisal waivers, up 13.7% on the prior month. Lenders delivered $921MM (1.58%) with inspection based waivers in June, up 10.9% on May 2024 and the highest single month since both GSE solutions became full activated.
Overall, inspection based waivers in June were 11.8% of the combined appraisal waiver (non-appraisal) solutions by loan balance. By number of loans delivered, inspection-based waivers were 13.4% of all waiver solutions.
Agency share of inspection based waivers in June
Fannie Mae Valuation Acceptance + Property Data market share of inspection based waivers in June increased to 51.1% and $471MM, a jump of 12.1% and the highest issuance since of 2024 year-to-date. There are now 385 lenders who have delivered loans through Fannie Mae Valuation Acceptance + Property Data, including 205 independent mortgage companies and 110 banks and 70 credit unions, remained the same as the prior month. A total of 61 lenders issued loans using inspection based waivers in June, an decrease of 4.7% from May.
Freddie Mac ACE+ PDR (Automated Collateral Evaluation plus Property Data Report) market share for inspection based waivers in June was 48.9% on increased volume at $451MM. Freddie Mac participation increased to 368 lenders, including 144 community banks, 28 credit unions, and 197 non-banks. A total of 154 individual lenders issued loans using inspection based waivers in June with ACE+ PDR.
Production channel and key lenders
Broker channel issuance was $9.58BN in May with 113 lenders delivering loans. The correspondent channel issuance was $18.8BN from 179 lenders and retail issuance was $30.1BN from 1,203 lenders.
For inspection based waivers in June, mortgage brokers volume increased by 12.5% to $267M and 29.1% of loan delivered. Rocket and UWM dominate this channel with 83% combined market share. Notable growth came from NewRez, Flagstar and PennyMac.
The correspondent channel was up to $126M and 13.7% of overall volume, increasing 6.7% over the prior month. As UWM, Amerihome & Mr Cooper continued to grow utilization of inspection based waivers in June, PennyMac and NewRez volumes both declined.
Retail channel utilization of inspection-based waivers in May increased 11.1% to $528M and 57.3% of issuance. Rocket still leads retail issuance, but there were big gains from Guaranteed Rate, JP Morgan, PNC, Fairway Independent and CMG.
Top Mortgage Originators for Q2 2024 by Agency Property Valuations
The product provides top mortgage originators for Q2 2024 by loan volume, including institution type, agency, channel, loan purpose and property valuations (including appraisal, appraisal waiver and inspection-based waiver loan counts be lender), and is in an easy-to-use format for analysis and loading into financial, sales and marketing systems.
Original price was: $1,750.00.$1,250.00Current price is: $1,250.00.
More information about inspection based waivers in June
For lenders who wish to learn more, you can check out the 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.