Originally published in the January 27, 2026, issue of AI’s Appraisal Now
Reprinted with permission from AI

The latest numbers from the American Enterprise Institute tracking appraisal waiver activity at Fannie Mae and Freddie Mac show that more than one in four GSE loans in November 2025 used an appraisal waiver. The combined appraisal waiver share for both enterprises was 26%, up 3 percentage points from October, but still 23 points below the peak in March 2021.

Both enterprises experienced month-over-month increases. Fannie Mae’s waiver share rose by 4 percentage points, while Freddie Mac’s increased by 3 points in November.

The infographic also notes that the recent rise appears to be driven by higher waiver rates within each loan purpose, along with a modest shift toward refinance activity, where waivers are typically more common than on purchase transactions.