Gray Appraisal Service

Wood County - February 2025

Wyandot County - February 2025

City of Findlay, Ohio - February 2025

January 2025 Originations credit to AEI Housing Center. fil:///C:/Users/Woody/Dropbox/Housing%20and%20Mortgage%20Data/GSE-Appraisal-Waiver-Infographic-January-2025-Final-1.pdf
Key Points:
• The share of appraisal waivers for both GSEs combined for
January 2025 stood at 15%, down 1 ppt. from last month
and down 34 ppts. from its series’ peak in March 2021.
• Shares for Fannie and Freddie moved in lockstep in
January 2025, with the share of loans using waivers
maintaining its downward trend, albeit at a slower pace
than last month.
• The recent decline in the waiver share was driven by a
shift away from No Cash-Out loans and a drop in the share
of No Cash-Out loans using waivers for both GSEs from
47% in November 2024 to 37% in January 2025. Shares for
Purchase and Cash-Out loans stood at 11% and 20% in
January 2025, respectively.
• Freddie introduced ACE+PDR* in July 2022. In January
2025, these shares stood at 1.0%, 1.6%, and 1.9% for
Purchase, Cash-Out, and No Cash-Out loans, respectively.
• Fannie introduced Value Acceptance + Property Data
(VA+PD)** in April 2023. In January 2025, the share of the
new program was 1.0%, 7.6%, and 3.8% for Purchase,
Cash-Out, and No Cash-Out loans, respectively.
• The introduction of both programs subsequently reduced
waiver shares, but the data show that both programs have
not picked up the entire slack, suggesting further policy
changes and/or slow market pick-up.
• 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.