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This is the first monthly article discussing residential appraisals for loans delivered to Freddie Mac, Fannie Mae and Ginnie Mae. This data is available on an individual seller/servicer level, and can be enhanced to account for correspondent purchases and streamline refinances. Monthly updates on inspection-based waivers are available. For further requests or clarifications, please contact us directly.
Residential appraisals for September
In September, the total number of residential appraisals completed for agency loans was 260,017, representing 87.1% of all loans. There were 35,105 waivers (11.76%) and 3,425 inspection-based waivers (1.15%). As with total loans, this was marginally higher (~1%) than the prior month of August, and the second largest monthly delivery after June. The breakdown of residential appraisals between the agencies are Freddie Mac 83,654 (32.2%), Fannie Mae 72,039 (27.7%) and Ginnie Mae 104,324 (40.1%).
Looking ahead to October
Based on loans delivered as-of October 15, and assuming no mortgage rate changes residential appraisals for the full month of October are expected to be 2-3% higher at 269,000. Appraisal waivers look to continue their slight downward trend as inspection-based waivers continue to grow; in October this could be by as much as 30%.
Ginnie Mae
For the Ginnie Mae pools, the breakdown of residential appraisals was FHA 68,837 (65.9% of Ginnie Mae and 26.5% of total loans), VA 32,506 (31.1% of Ginnie Mae and 12.5% of total loans), RHS 2,889 (2.7% of Ginnie Mae and 1.1% of total loans) and PIH 92 (0.09% of Ginnie Mae and 0.04% of total loans).
Production channel residential appraisals
Retail channels delivered 134,181 residential appraisals (51.6%), wholesale channels 34,719 appraisals (13.4%) and correspondent sellers 91,117 appraisals (35.0%). Ginnie Mae led market share in wholesale at 45.1% and correspondent at 50.1% respectively. Fannie Mae led retail at 35.4%.
Loan purpose
Purchase money volume was marginally lower than August at 215,022 residential appraisals (82.7%) with Freddie Mac at 70,380 appraisals (27.1%), Fannie Mae at 61,476 appraisals (23.6%) and Ginnie Mae totals at 83,166 (32.0%). Total cash-out refinances were 39,733 (15.3%), up 14.0% over August.
Residential appraisals by financial institution
Total residential appraisals by institution type were 193,526 (74.4%) for non-banks, 54298 (20.9%) for banks and 12,193 (4.7%) for credit unions and others.
More about inspection-based waivers
If you wish to learn more about inspection-based waivers for agency loans, 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
In addition, you can access the Freddie Mac ACE+ PDR Solution page and the Fannie Mae Value Acceptance + Property Data FAQ.