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

Policy adjustments and new collateral tools continue to shape waiver usage. In Q1 2025, Fannie Mae expanded waiver eligibility to purchase loans with 80–90% combined loan-to-value (CLTV). By November, about 9% of those loans used a waiver, up from 2% in February 2025.

Beyond traditional waivers, both GSEs are relying more on alternatives that incorporate onsite property data collection. Freddie Mac’s ACE+PDR program (introduced in July 2022) represented 2.2% of purchase loans, 1.8% of cash-out refinances, and 1.6% of no cash-out refinances in November 2025. Fannie Mae’s similar option—Value Acceptance + Property Data (VA+PD)—accounted for 2.6% of purchase loans, 5.7% of cash-out refinances, and 3.7% of no cash-out refinances in November.

Why It Matters

The latest figures reinforce that appraisal waivers remain a significant share of GSE activity, and that the enterprises are continuing to refine “data-driven” collateral evaluation pathways, including programs that rely on property data collection in lieu of a traditional appraisal assignment.