Thanks to Fannie Mae’s Value Acceptance + Property Data and Freddie Mac’s ACE+ PDR, that’s not just a futuristic idea. It’s happening now — and it’s changing the game for lenders, agents, and buyers alike.
But to understand how revolutionary this is, let’s back up for a moment.
Appraisal Waivers: The Old Way
Appraisal waivers — previously called Property Inspection Waivers (PIWs) — have been around for years. But traditionally, they were limited to:
- Refinances (especially when a prior appraisal existed)
- Purchase loans with significant down payments (80% LTV or lower)
Why? Because automated underwriting systems (AUS) like Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Product Advisor need reliable data. And without recent sales or appraisals on record, those systems couldn’t confidently assign a home value — especially for new or infrequently sold properties.
Even with 30% down, a borrower might still have needed a full appraisal if the AUS didn’t have enough data.
The 2025 Shift: Value Acceptance + Property Data
In late 2023, both GSEs introduced a game-changing update:
- Fannie Mae: Value Acceptance + Property Data
- Freddie Mac: ACE+ PDR (Automated Collateral Evaluation + Property Data Report)
These programs add a new layer: a property data report (PDR) conducted by a trained third-party — not a licensed appraiser.
A data collector visits the home and gathers detailed information such as:
- Interior and exterior photos
- Room counts, layouts, and condition
- Observable defects or upgrades
- Floor plans and property sketches
This information is then run through AUS to determine if a traditional appraisal can be waived.
The result? Buyers can qualify for an appraisal waiver even with lower down payments and previously ineligible homes.
Learn more from Fannie Mae’s announcement.
Who Conducts a Property Data Report?
Property data reports must follow Uniform Property Dataset (UPD) standards set by the GSEs. The data collectors are:
- Trained real estate professionals
- Appraiser trainees under supervision
- Approved third-party vendors
Importantly, these individuals are not appraisers. Their role is strictly to collect data — not assess value.
What’s in a Property Data Report?
A standard Property Data Report includes:
- Property details: address, type, occupancy
- Room-by-room photos: interior, exterior, unique features
- Floor plans: sketches showing room layouts
- Condition assessments: flooring, walls, appliances, visible damage
Want a sample? See Freddie Mac’s PDR example here.
Who’s Eligible for an Appraisal Waiver?
Not every buyer or property qualifies. Here’s when a waiver typically is or is not allowed:
Eligible:
- 1-unit primary residences
- Purchases with 3%–20% down
- Properties with sufficient historical data or fresh PDRs
Not Eligible:
- Construction and renovation loans (e.g. HomeStyle®)
- 2–4 unit properties, co-ops, manufactured homes
- Homes over $1 million
- Transactions using gift of equity or with non-arm’s length parties
- Loans relying on rental income to qualify
You can find the full matrix from Fannie Mae here.
Why This Matters to Realtors
Here’s where things get exciting for agents:
When we run AUS during preapproval, we can check for property-level eligibility for Value Acceptance or ACE+ PDR before an offer is even written.
This means:
- Faster closings — skip the appraisal delays
- More confident sellers — less chance of value disputes
- Stronger offers — fewer contingencies, better timelines
In hot markets, this matters. A pre-approved buyer who doesn’t need a full appraisal is more attractive than one who might renegotiate mid-deal.
Want to know if your buyer or listing qualifies? We can run the property through DU or LPA and give you an answer up front — no surprises.
Are There Risks?
Yes — and it’s important to understand them:
- Waivers aren’t guaranteed. Even if a property qualified in the past, it may not today.
- The buyer may still pay for the PDR. Costs vary but are often similar to or slightly below traditional appraisal fees.
- Lenders still bear repurchase risk. If data was incorrect or the waiver was misused, lenders may have to repurchase the loan.
Also, note that appraisal waivers are not valuation guarantees — they’re underwriting tools. If the contract price is inflated, lenders may still request further review.
Final Thoughts
The appraisal landscape is evolving fast. Thanks to programs like Value Acceptance + Property Data and ACE+ PDR, many buyers can now close more quickly — without waiting on an appraiser.
For realtors, this means fewer delays, stronger offers, and happier clients.
Want to find out if a property qualifies for an appraisal waiver upfront? Let’s run it through AUS and find out — you might be able to skip the appraisal entirely.
