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For August 2023, GSE originations totaled $55.8BN, down 3.5% on the prior month. For property valuations, $48.4BN (87%) were completed with appraisals and $6.74BN (12.5%) were completed with appraisal waivers. Over $698MM (1.25%) were completed with an appraisal waiver + property data collection, up over 15% on the prior month.
Property Data by Agency
Fannie Mae maintained 304 lenders participating in the Value Acceptance and Property Data programs with 183 active in August, including 138 community banks and credit unions. Freddie Mac has 183 lenders in their ACE+ PDR program, with over 100 non-banks and 74 community banks and credit unions. Similar to last month, Fannie Mae’s Value Acceptance and Property Data program accounted for 60% of loans delivered to the GSEs utilizing these new programs.
Production channel
Retail channels accounted for 61% of appraisal waivers and property data collection, growing nearly 14% to $418M. Mortgage brokers accounted for 26% and correspondent sellers 14% of volume, growing 10% and 36% respectively in the prior month.
Top lenders
The combined Rocket and UWM market share remained at 47%, with Rocket posting the largest monthly volume year-to-date. Notably, other larger non-banks significantly expanded usage of these programs. Guaranteed Rate continues to drive adoption across production channels and is now #3 after another 30% gain in August. Mr. Cooper posted a 40% month-over-month gain and PennyMac continued steady growth at 23%.
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:
- 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.