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For June 2023, GSE originations totaled $66.4BN. For property valuations, $58.4BN (87%) were completed with an appraisal, $7.6BN (12%) were completed with appraisal waivers (formerly Property Inspection Waivers or PIW), and $498MM (0.75%) were completed with the new appraisal waivers and property data collection.
Appraisal waivers and property data by Agency
In June 2023, Fannie Mae Value Acceptance + Property Data program surpassed Freddie Mac ACE+ PDR for the first time with over 132 lenders delivering to Fannie Mae, up over 500% from 26 in the prior month. A total of 71 lenders utilized the Freddie ACE+ PDR program in June, up 15% from 62 in May.
Production channel
Predictably, retail channels have been first to adopt appraisal waivers and property data collection programs, with market share at 62%. Cash-out refinances alone were the single largest share at 38%. Mortgage brokers accounted for 26% and correspondent sellers 12% respectively.
Top lenders
Rocket and United Wholesale collectively accounted for 59% of the appraisal waivers and property data collection volume. Other large non banks are starting to take advantage of the programs more aggressively, with NewRez, Mr. Cooper and Guaranteed Rate increasing adoption.
Notably, over 63 banks and credit unions are also now delivering to the GSEs using these new valuations. Market share remains limited in these initial months, but these new entrants have now activated these programs in their origination and aggregation channels.
More about appraisal waivers and property data
For lenders to learn more about the programs, including 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:
- Implementing the Freddie Mac Appraisal Waivers – Quick Reference for Lenders
- Implementing the Fannie Mae Appraisal Waivers – Quick Reference for Lenders
Also available are the Freddie Mac ACE+ PDR FAQ and the Fannie Mae Value Acceptance + Property Data FAQ.