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What "Appraisal Waiver" Means

Based on these passages, we're looking at two different uses of the term. In Arizona's licensing rules, a temporary waiver lets someone perform appraisals without full state certification or licensure—but they have to disclose on every appraisal that they're a temporary license holder, not a certified or licensed appraiser. The other passages don't directly address appraisal waivers as a defined concept; instead, they focus on restrictions against manipulating appraisals and requirements that appraisals be done properly. The Fannie Mae Selling Guide excerpt shown here doesn't cover this topic within the available text.

Straight from Arizona Appraiser Licensing Law and Fannie Mae Selling Guide — nothing added.

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Appraisal Waiver Misconceptions | Appraisal Waivers Explained

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Relevant News

Recent public coverage related to this topic — cited, not reproduced

FHFA announces expanded appraisal waiver eligibility to 90% LTV for standard waivers and 97% for inspection-based waivers on purchase loans

FHFA announced policy updates to Fannie Mae and Freddie Mac appraisal waiver programs, increasing maximum LTV ratios to expand borrower eligibility, effective Q1 2025.

Read full story at Federal Housing Finance Agency →

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#1 Fannie Mae Selling Guide Page 1

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[Excerpt withheld: the fair-use viewing limit for this document has been reached for this session. See the source document itself for more.]

Fannie Mae Selling Guide · Selling Guide Announcement SEL-2025-07.pdf · Page 1 · View at official source (selling-guide.fanniemae.com) →

[Excerpt withheld: the fair-use viewing limit for this document has been reached for this session. See the source document itself for more.]

#2 Fannie Mae Selling Guide Page 1

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we are transitioning to a range of options to establish a property’s market value, with the option matching the risk of the collateral and the loan transaction. The spectrum…

Fannie Mae Selling Guide · Ann SEL-2023-02 Mar 01 SG Update.pdf · Page 1 · View at official source (selling-guide.fanniemae.com) →

we are transitioning to a range of options to establish a property’s market value, with the option matching the risk of the collateral and the loan transaction. The spectrum balances traditional appraisals with appraisal alternatives. With this update, we are introducing the following: ▪ Value acceptance is being used in conjunction with the term “appraisal waiver” to better reflect the actual process of using data and technology to accept the lender-provided value. We are moving away from implying that an appraisal is a default requirement. (Note that we are using “value acceptance (appraisal waiver)” for a period of time and will eventually move to “value acceptance” after the market absorbs this change.) ▪ Value acceptance + property data is a

#3 Arizona Appraiser Licensing Law (ARS Title 32 Ch. 36 / AAC Title 4 Ch. 46) Page 73

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requirements of this chapter for licenses and certificates as authorized by the waiver. A resident temporary license or certificate shall be subject to all provisions of this…

Arizona Appraiser Licensing Law (ARS Title 32 Ch. 36 / AAC Title 4 Ch. 46) · ARS_Title32_Ch36_Real_Estate_Appraisal.txt · Page 73

requirements of this chapter for licenses and certificates as authorized by the waiver. A resident temporary license or certificate shall be subject to all provisions of this chapter not inconsistent with the provisions of the waiver. E. A person obtaining a resident temporary license or certificate under this section is required to comply with all of the provisions of this chapter except for those provisions of this chapter for which a temporary waiver has been approved and shall indicate on all appraisals performed by the person that the appraisal is not an appraisal done by a state certified or state licensed appraiser and the person performing the appraisal is a resident temporary license or certificate holder. A person holding a

#4 California Appraiser Licensing Law (BREA — BP Code/CCR Title 10) Page 103

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appraiser's compensation on the value conclusion returned by that appraiser. (4) Providing an appraiser with an anticipated, estimated, encouraged, or desired valuation prior to…

California Appraiser Licensing Law (BREA — BP Code/CCR Title 10) · BP_Codes_Real_Estate_Appraisers.txt · Page 103

appraiser's compensation on the value conclusion returned by that appraiser. (4) Providing an appraiser with an anticipated, estimated, encouraged, or desired valuation prior to their completion of an appraisal. (b) Withholding or threatening to withhold timely payment to an appraiser because the person does not return a value at or above a certain amount. (c) Implying to an appraiser that current or future retention of that appraiser depends on the amount at which the appraiser estimates the value of real property. (d) Excluding an appraiser who prepares an appraisal from consideration for future engagement because the appraiser reports a value that does not meet or exceed a predetermined threshold. (e) Conditioning the compensation paid to an appraiser on consummation of

#5 VA Appraisal Guidelines (Ch. 11) Page 5

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-5 3. VA Appraisal Requirements, Continued c. Properties Not Eligible for Appraisal Fee appraisers must not complete an assignment for a property that does not appear to be…

VA Appraisal Guidelines (Ch. 11) · ch11.pdf · Page 5 · View at official source (VA.gov — Appraisers/Staff Appraisal Reviewer) →

-5 3. VA Appraisal Requirements, Continued c. Properties Not Eligible for Appraisal Fee appraisers must not complete an assignment for a property that does not appear to be eligible to become the security for a VA-guaranteed loan without first contacting the lender involved or the RLC with jurisdiction. See chapter 10, section 6. d. USPAP Every VA appraisal must meet the USPAP requirements. Lenders and their Staff Appraisal Reviewers are expected to be familiar with applicable USPAP provisions. e. Sales Price Accommo- dation Prohibited Any appraisal that is not based on recognized appraisal practices in order to “accommodate” the sale price is unacceptable and will result in VA disciplinary action. f. Appraisal Tasks Not to be Delegated The VA assigned

#6 HUD/FHA Single Family Handbook 4000.1 Page 170

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• order, obtain, use, or pay for a second or subsequent appraisal or Automated Valuation Model (AVM) in connection with a Mortgage financing transaction unless: o there is a…

HUD/FHA Single Family Handbook 4000.1 · HUD_FHA_4000.1.pdf · Page 170 · View at official source (HUD.gov — SFH Handbook 4000.1) → · Last verified: 2026-10-10

• order, obtain, use, or pay for a second or subsequent appraisal or Automated Valuation Model (AVM) in connection with a Mortgage financing transaction unless: o there is a reasonable basis to believe that the initial appraisal was flawed or tainted and such belief is clearly and appropriately noted in the mortgage file; or o such appraisal or AVM was completed pursuant to written, preestablished bona fide pre- or post-Disbursement appraisal review or quality control process or underwriting guidelines and the Mortgagee adheres to a policy of selecting the most reliable appraisal, rather than the appraisal that states the highest value; • withhold or threaten to withhold future business from an Appraiser, or demote or terminate or threaten to demote

#7 HUD/FHA Single Family Handbook 4000.1 Page 580

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an appraisal fee, salary, or bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary value estimate requested from an Appraiser; • provide to the…

HUD/FHA Single Family Handbook 4000.1 · HUD_FHA_4000.1.pdf · Page 580 · View at official source (HUD.gov — SFH Handbook 4000.1) → · Last verified: 2026-10-10

an appraisal fee, salary, or bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary value estimate requested from an Appraiser; • provide to the Appraiser, appraisal company, AMC or any entity or person related to the Appraiser, appraisal company or AMC, stock or other financial or nonfinancial benefits; • order, obtain, use, or pay for a second or subsequent appraisal or AVM in connection with a HECM transaction unless: required by FHA’s collateral risk assessment; there is a reasonable basis to believe that the initial appraisal was flawed or tainted and such belief is clearly and appropriately noted in the HECM file; or such appraisal or AVM was completed pursuant to written, preestablished bona fide

#8 VA Lenders Handbook (Pamphlet 26-7) Page 466

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Notices of Value 13-3 2. Scope of Appraisal Review Change Date July 22, 2019 • This chapter has been revised in its entirety. a. SAR’s Certification of Appraisal Review When…

VA Lenders Handbook (Pamphlet 26-7) · VA-Lender-Handbook.pdf · Page 466 · View at official source (VA.gov — Appraisers/Staff Appraisal Reviewer) →

Notices of Value 13-3 2. Scope of Appraisal Review Change Date July 22, 2019 • This chapter has been revised in its entirety. a. SAR’s Certification of Appraisal Review When issuing an NOV in WebLGY, the SAR must electronically certify the following: “I reviewed this appraisal report to determine the acceptability of the property for VA Loan Guaranty purposes in light of VA minimum property requirements and the appropriateness, completeness, consistency, and accuracy of the fee appraiser’s reasonable value determination. In completing this administrative review, I am performing a due diligence function and not acting as, or taking the responsibility of, a cosigner of the report or supervisory appraiser. Any disagreements or comments, etc., resulting from the administrative review of

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