The Federal Housing Finance Agency has announced an expansion of appraisal waivers for loans, allowing more low- and moderate-income first-time homebuyers to benefit.
Naa Awaa Tagoe stated that the expanded eligibility for appraisal waivers does not expand the credit box but increases accessibility for first-time homebuyers.
Freddie Mac's automated collateral evaluation (ACE) aims to save borrowers appraisal fees and has reportedly saved them $1.63 billion using public records and models.
Fannie Mae shares that using appraisal alternatives has saved mortgage borrowers over $2.5 billion since 2020 as they adapt to new valuation techniques.
#housing-finance #appraisal-waivers #first-time-homebuyers #mortgage-industry #federal-housing-finance-agency
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