Did you know Fairway allows appraisal waivers for both FANNIE and FREDDIE?
For certain loan casefiles, DU and LP may offer property inspection waivers - an option to waive the appraisal requirement. Be sure to check your findings to see if the property is eligible for a waiver.
Please note there may be times during the underwriting process (when the AUS is re-run) that something may trigger DU/LP to require an appraisal report. If this should happen, Fairway will require the appropriate appraisal be ordered.
Property Inspection Waiver Document
For both Fannie and Freddie, if the fieldwork waiver is exercised, the borrower must sign the Property Inspection Waiver document, acknowledging that no appraisal was completed on the subject property. There is no fee for utilizing the PIW or ACE recommendation. For full guidelines see Fairway Guides.
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