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Appraisals Not Always Needed for Fannie and Freddie Mortgages

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Fannie Mae and Freddie Mac are both government-sponsored enterprises (GSEs), which means that they’re private companies sponsored by the U.S. government. Both Fannie Mae and Freddie Mac have basically the same goal: to make it easier for the average American to obtain a home, by making it easier for them to get a mortgage on good terms.

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The good news for some of you is that if you have a Fannie Mae or Freddie Mac mortgage, you may be able to have the appraisal requirement waived in some cases for a purchase or refinance. Freddie Mac began their program in the summer of 2017, and Fannie Mae started to offer some appraisal free mortgages at the beginning of 2017.

A recent article in the Chicago Tribune included dire warnings from professional appraisers. One noted that property data used by Fannie and Freddie will age without being refreshed if new appraisals are not being conducted. Another warned that eliminating professional appraisals is akin to subprime mortgages that make it too easy to obtain.

 · The country’s two biggest sources of mortgage financing – Freddie Mac and Fannie Mae – think not.With no formal public announcement, Freddie Mac on June 19 began phasing in its plan to transition to appraisal-free mortgages for certain loan applications.

This eliminates the need for an appraiser and can speed up the mortgage process. Some lenders say the trend is moving toward more automated appraisals for all types of loans, from refinances and conventional loans to home-equity loans and FHA-insured mortgages. The lending world isn’t there yet.

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Do we always need an appraiser to tell us what a house is worth? The country’s two biggest sources of mortgage financing – Freddie Mac and Fannie Mae – think not. With no formal public announcement, Freddie Mac on June 19 began phasing in its plan to transition to appraisal-free mortgages for certain loan applications.

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Do we always need an appraiser to tell us what a house is worth? The two biggest sources of mortgage financing in the country – Freddie Mac and Fannie Mae – think not. With no formal public.

 · Fannie and Freddie have a strong interest in ensuring the soundness of appraisal reports because they’re the basis for the mortgage loans that they.