Fannie Mae offers appraisal waivers on purchase mortgages

Mortgage

Fannie Mae has begun allowing property inspection waivers for certain purchase loans that have prior appraisals in its Collateral Underwriter system.

The move allows Fannie Mae to make an appraisal alternative available to the purchase market ahead of Freddie Mac, which plans to release an appraisal alternative for purchase mortgages on Sept. 1. The Federal Housing Finance Agency gave the concept a green light last week.

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