Dart Appraisal, an independent AMC, recently announced the company joined a small number of AMCs capable of fulfilling Fannie Mae property data collection orders for lenders, Dart Appraisal announced in a press release.
Fannie Mae’s Value Acceptance + Property Data extends appraisal waiver benefits to more borrowers while identifying current subject property characteristics, including condition.
According to Fannie Mae, there are several benefits to lenders including:
- Reduces origination time and borrower costs.
- Promotes safety and soundness by obtaining a current observation of the subject property.
- Provides operational simplicity and certainty at the time of application.
Fannie Mae estimates that, in the years 2020-2022, borrowers saved $2.1 billion as a result of lenders utilizing appraisal waivers.
In a time of higher rates and high home prices, these savings represent a bit of relief to borrowers.