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Why do some buyers luck-out with an appraisal waiver?

Appraisal - Opes Advisors


Freddie Mac and Fannie Mae, the nation’s two largest residential loan sources, may now forego appraisals on selected conforming loans, typically those with a lower loan-to-value ratio. Thanks to recent advances in technology, both Freddie and Fannie can apply “proprietary analytics” to calculate property valuations, which is why—in some cases—they will choose not to send an appraiser to evaluate the property in person. Fannie Mae alone says it has a database of more than 23 million appraisal reports. Property waivers are infrequent, though, so it may feel like winning the lottery if an appraisal is waived for your loan.


What it means to buyers

A property inspection waiver (PIW) may save borrowers money, and potentially reduce the time needed to get to closing.


Your Mortgage Advisor is always available to answer your questions about appraisals and other mortgage topics.


While Opes Advisors, a division of Flagstar Bank, Member FDIC, uses all reasonable efforts to ensure that this information is current, accurate and complete on the date of publication, no representations or warranties are made (express or implied) as to the reliability, accuracy or completeness of such information. Opes Advisors, a division of Flagstar Bank, Member FDIC, therefore, cannot be held liable for any loss arising or indirectly from the use of, or any action taken in reliance on, any information appearing in this email.