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Prevalence of GSE Appraisal Waivers
The share of appraisal waivers for both GSEs combined for October 2025 stood at 23%, up 4 ppts. from last month and down 26 ppts. from the series’ peak in March 2021.
- The recent rise in waiver usage is being driven primarily by higher waiver rates within each loan purpose, combined with a modest shift toward refinance activity, where waivers are more common.
- Shares for Fannie increased by 5 ppts. since last month and Freddie increased by 2 ppt. in October 2025. In Q1 2025, Fannie expanded waiver eligibility to purchase loans with 80-90% CLTV. In October 2025, about 19% of these loans used a waiver, up from just 2% in February 2025.
- Freddie introduced ACE+PDR in July 2022. In October 2025, these shares stood at 2.3% for Purchase, 1.8% for Cash-Out, and 1.7% for No Cash-Out loans.
- Fannie introduced Value Acceptance + Property Data (VA+PD) in April 2023. In October 2025, the share of the new program was 2.6%, 6.2%, and 5.4% for Purchase, Cash-Out, and No Cash-Out loans, respectively.
- Waivers are granted using a data-based analysis of the reasonableness of the applicant’s self-valuation. The data measure whether an appraisal waiver was used, not only granted, on the loan.
- For detailed and historical data, please see the spreadsheet on our website.
- The recent rise in waiver usage is being driven primarily by higher waiver rates within each loan purpose, combined with a modest shift toward refinance activity, where waivers are more common.
- Shares for Fannie increased by 5 ppts. since last month and Freddie increased by 2 ppt. in October 2025. In Q1 2025, Fannie expanded waiver eligibility to purchase loans with 80-90% CLTV. In October 2025, about 19% of these loans used a waiver, up from just 2% in February 2025.
- Freddie introduced ACE+PDR in July 2022. In October 2025, these shares stood at 2.3% for Purchase, 1.8% for Cash-Out, and 1.7% for No Cash-Out loans.
- Fannie introduced Value Acceptance + Property Data (VA+PD) in April 2023. In October 2025, the share of the new program was 2.6%, 6.2%, and 5.4% for Purchase, Cash-Out, and No Cash-Out loans, respectively.
- Waivers are granted using a data-based analysis of the reasonableness of the applicant’s self-valuation. The data measure whether an appraisal waiver was used, not only granted, on the loan.
- For detailed and historical data, please see the spreadsheet on our website.
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