We now know the waiver numbers, etc.

[Tom D]

After peaking during the pandemic, purchase appraisal waivers at Fannie Mae and Freddie Mac have settled into a lower, more deliberate range, according to the latest Prevalence of GSE Appraisal Waivers report from the American Enterprise Institute (AEI). In September 2025, just 16.5% of Freddie Mac and 11.9% of Fannie Mae purchase loans closed with a waiver, with hybrid/data-collection alternatives each at ~2.4%. This is well below the March 2021 highs, signaling a sustained, cautious approach to valuation waivers on new originations.

Purchase loans lack the seasoning and data depth of refinances, so shifts in waiver usage offer a cleaner read on how the GSEs are balancing credit risk and operational efficiency. AEI’s latest analysis confirms that loan-to-value (LTV) ratio constraints remain central to waiver eligibility and that even within LTV buckets, loans with waivers show lower average mortgage default rates, evidence of tight credit overlays and careful model governance.

Fannie’s expansion of waiver eligibility to 80%–90% CLTV in Q1 2025 nudged usage in this higher-LTV band from ~2% in February to ~17% in September. This targeted policy change is a leading indicator for future risk segmentation and operational trends.

 

[Alsie35]

Independent appraisers doomed to death by a thousand cuts. And the UAD 3.6 Abomination is the final guillotine ...

 

[djd09]

'just' 16.5%....don't drink that kool aid...you should of left the link

 

[Trihard]

28.4% combined. That is a crap ton of work lost for appraisers.

 

[J Grant]

28.4% combined. That is a crap ton of work lost for appraisers.

Whatever the exact percentages are, it is work lost to appraisers and, beyond that, the easy properties that are conforming get approved for Waivers/value acceptance. Ditto for the borrowers being more well-qualified who get Waivers. That leaves more scraps for appraisers- problem child properties and borderline borrowers.

Then appraisers will get blamed in the next GSE study, showing appraisals have a higher rate of "risk," The deck is stacked in every step now against appraisres, from the mandatory Bias question on an ROV form ( based on a handful of cases all of which got dismissed for appraiser malfeasance ) to the AMC fee predation continuing, to intense levels of scrutiny on each report, to the UAD 3.6 with no fee or turn time compesation for increased difficulty- and if appraisers ask for a higher fee or more turn time, they will be called too expensive or too slow.

No wonder PAREA has only a trickle of takers.

 

[djd09]

you know it is scandalous when they cannot produce one address of a waivered property...

 

[Surf Cat]

Whatever the exact percentages are, it is work lost to appraisers and, beyond that, the easy properties that are conforming get approved for Waivers/value acceptance.

Throw a monkey wrench into the equation of doctored photos by AI as well.... there's going to be lots of ramifications for not having a property inspected and looked at by the right people.

 

[Trihard]

Throw a monkey wrench into the equation of doctored photos by AI as well.... there's going to be lots of ramifications for not having a property inspected and looked at by the right people.

Don't worry congress is ready to write a trillion dollar check just in case.

 

[DWiley]

28.4% combined.

LOL. Please tell me that is an attempt at a math joke