Property Data Reports now used by 392 lenders this year

For September 2023, GSE originations totaled $57.7BN, up 3.4% on the prior month. For property valuations, $49.8BN (86.3%) closed using appraisals and $7.03BN (12.1%) closed utilizing appraisal waivers. Lenders closed $848MM (1.5%) with appraisal waivers and property data reports, up over 21% on the prior month of August.

Property Data Reports

The Freddie Mac ACE+ PDR (Automated Collateral Evaluation plus Property Data Report) solution has 207 lenders delivering loans year-to-date, increasing 13% over last month. More notably, since the announced expansion of ACE+ PDR on August 2, 2023 to include purchase loans with an LTV up to 80%, volume grew 32% over the prior month, taking total share of inspection based waivers to 42%. Fannie Mae increased participation for the year to 333 lenders participating in Value Acceptance and Property Data, including 159 community banks and credit unions and 174 non-banks.

Production channel

Retail channels accounted for 63% of appraisal waivers and property data reports, growing 27% to $532M. Mortgage brokers accounted for 24% and correspondent sellers 13% of volume, each growing 13% on the prior month.

Top lenders

The joint Rocket and UWM market share remained at 50%, with Rocket posting another large monthly gain of 65%. More non banks grew use of these property data report programs including Nations Lending, Freedom Mortgage and PHH who grew 209%, 147% and 119% respectively over prior months as they continue to take advantage of these programs.

More about appraisal waivers and property data reports