Appraisals in 2026: Waivers, Capacity Signals + May Webinars and LDAC Deadline
In this issue:
- Appraisal Waivers & Alternatives: What February 2026 GSE shares suggest for order flow
- May 7 CREXI Intelligence Webinar: Exclusive for AI members
- LDAC 2026: Registration & hotel deadline extended to May 8 (limited spots remain)
- Trending Topics Thursday (May 21): Rent control trends and valuation implications
Leadership Transition Update
The Appraisal Institute has announced that CEO John Udelhofen, who is currently on medical leave, will be stepping down from his position at the end of June. The Board of Directors and Executive Committee thank John for his service since joining the Appraisal Institute in May 2024 and assuming the CEO role in September 2024, and wish him the best in the weeks and months ahead.
At a Special Board Meeting on May 1, the Board of Directors appointed Jim Slawnikowski as Acting CEO. Slawnikowski joined the Appraisal Institute in December 2024 and has served as Senior Director of Operations since January, with responsibilities that span operations and support functions across the organization. The Board expressed confidence in his ability to provide steady leadership during this transition period as the Appraisal Institute continues to advance its mission and support its members.
Insights
Residential Appraisals in 2026: Waivers, Alternatives, and Capacity Signals
Two recent snapshots—(1) the American Enterprise Institute (AEI) Housing Center’s February 2026 “Prevalence of GSE Appraisal Waivers” on government-sponsored enterprise (GSE) appraisal waivers and alternative valuation products, and (2) Freddie Mac’s April 2026 “Appraiser Capacity” update—point to a market that is both structurally evolving and locally sensitive to capacity.
Purchase loans remain appraisal-led. In February 2026, traditional appraisals still accounted for roughly four out of five GSE purchase originations (Freddie Mac: 77.6%; Fannie Mae: 85.7%). Waivers were smaller, but meaningful, at 19.9% of Freddie purchase loans and 11.4% of Fannie purchase loans, with an additional 2%–3% flowing through “waiver and property data” alternatives (Freddie Automated Collateral Evaluation (ACE) and Property Data Report (PDR): 2.5%; Fannie Value Acceptance + Property Data: 2.9%). For appraisers, this means purchase activity continues to translate more directly into appraisal orders than other segments.
No-cash-out refinance is the most waiver-intensive segment. About half of GSE no-cash-out refinances received an appraisal in February 2026 (Freddie: 50.6%; Fannie: 49.1%), while waivers were nearly as common (Freddie: 47.6%; Fannie: 47.4%). AEI also notes that no-cash-out waivers have generally moved inversely with mortgage rates, rising as rates declined since mid-2025. The takeaway is that refinance rebounds do not necessarily produce a proportional increase in traditional appraisal volume because eligibility for waivers is comparatively broad in this purpose.
Cash-out refinance sits in between. Appraisals remained the majority outcome for cash-out loans (Freddie: 70.8%; Fannie: 73.4%), with waivers at 27.3% (Freddie) and 20.5% (Fannie). Notably, “waiver and property data” alternatives were a larger share for Fannie cash-out refinances (6.2%) than for purchase (2.9%), suggesting that some displacement is occurring via hybrid approaches rather than pure waivers. Across all purposes, the combined GSE waiver share was 26% in February 2026, which is well below the March 2021 peak but up from the prior month.
Capacity signals are re-emerging, carefully interpreted. Freddie Mac tracks “active” appraisers as unique license numbers appearing in the Uniform Collateral Data Portal (UCDP) each month and shows wide variation in 2026 year-to-date workload, ranging from 25.91 to 68.11 GSE appraisals per appraiser across states. With the normal seasonality of the spring buying season, month-to-month increases in purchase-driven appraisal volume are not surprising. However, recent data indicates that appraisal volume has begun to grow faster than the number of appraisers actively producing GSE appraisals for the first time since 2022, pointing to rising utilization among currently active appraisers. Still, this is not a definitive measure of the total credentialed workforce: Licensed appraisers may be sitting on the sidelines and could re-enter quickly if fees and working conditions become attractive. For market participants, the combined message is a more segmented appraisal ecosystem, purchase-driven demand for full appraisals alongside refinance channels where waivers and hybrid products materially shape volume, and capacity pressures that may show up first in specific geographies rather than nationally.
Your Benefits
Faster, Defensible Valuations with Crexi Intelligence
Join a special webinar for Appraisal Institute members on May 7, 2026, at 11 AM CT to preview Crexi Intelligence, a CRE research and analytics platform built for the rigor appraisers demand. Join us for an exclusive walkthrough for Appraisal Institute members, where we'll cover the newest tools, the expanded datasets, and how Intelligence helps you pull defensible comps, support adjustments, and turn assignments faster, without cutting corners.
- NEW — Market Analytics: AI-generated market condition reports with cited data — drop straight into your Market Conditions and Neighborhood sections.
- NEW — Listings History: Every price change, expiration, NOI, and capitalization rate over time — evidence for when a closed sale doesn't exist.
- NEW — Multifamily rent data (via Dwellsy): Unit-level rent comps inside Comps & Records, backing up a multifamily income capitalization approach.
- 153M+ properties and 46M+ broker-reported, county-verified sales comparables: Multi-year transaction history to defend comparable selection, retroactive dates, and expert testimony.
- Private loan and lender data: Terms, maturity dates, pre-foreclosure flags, and lender history—for market-conditions and distressed-activity analysis.
- Every parcel in the country: Ownership, transaction history, zoning, and permits in one place—highest and best use research without five tabs.
- Demographic and location data: Population, income, traffic counts—drop-in for scope of work and reconciliation.
May 7, 2026, 11 AM CT
LDAC Registration and Hotel Deadlines Extended; Only a Few Spots Remain
When leaders like Chris Stickney, MAI, George Koiso, MAI, Hilary Jones MAI, AI-GRS, and Julian Rondello, MAI, are leading conversations, you already know the room will be different. The question is, will you be in it?
LDAC 2026 takes place May 20–22, 2026, in Washington, DC.
This is not a sit-and-listen event. LDAC is built for real dialogue where participants challenge ideas, shape recommendations, and bring a unified voice to the future of the profession and its presence in Washington, DC. If you consider yourself a leader in the appraisal profession or are looking to become one, you will want to be part of this experience.
The deadline to register and reserve your room at The Westin Washington DC Downtown is Thursday, May 8.
Trending Topics Thursdays:
Sign up for our next free webinar
Rent Control in Transition: National Trends and Valuation Implications
May 21, 2026 11:00 CT
Rent regulation policies are evolving across the U.S., creating new challenges and considerations for real estate valuation. This webinar examines emerging rent control and stabilization trends at the state and local level and how these policies are reshaping multifamily housing markets.
Using select jurisdictions including New York as illustrative case studies, the program will explore how regulatory changes are influencing property performance, investment decisions, and housing supply dynamics nationwide. Participants will gain practical guidance on how to analyze rent-restricted properties, assess risk, and develop credible valuation conclusions for investors, lenders, and developers operating in regulated environments.
Key topics include:
- Overview of rent control and stabilization policies across major U.S. markets
- Case studies highlighting market impacts (including New York and other jurisdictions)
- Effects on multifamily property values, cash flow, and capital investment
- Market responses and implications for housing supply
Speakers:
- Michael Wahl, MAI, AI-GRS, Managing Director, Partner Valuation Service
- TBA
AI Blog
Appraisal management companies (AMCs) are often part of broader conversations about appraisal policy, where relations with real estate appraisers are often strained.
A new blog features a perspective from a boutique AMC Chief Operating Officer, contributing to dialogue sparked by a 2025 Valuation magazine article. The piece explores common misconceptions about “middlemen,” fees, and independence while highlighting how professionally led AMCs can support quality, transparency, and compliance.
Read the blog to explore this important conversation.
Advocacy Updates
Appraisal Institute Staff Attend AARO Spring 2026 Conference
Appraisal Institute Government Affairs and Compliance staff attended the Association of Appraiser Regulatory Officials (AARO) Spring 2026 Conference, joining state and federal regulators, The Appraisal Foundation, the Appraisal Subcommittee, GSE representatives, and other stakeholders to discuss issues shaping the appraisal profession.
Key topics included appraiser qualifications; PAREA and practicum programs; regulatory consistency; enforcement trends; modernization efforts; and emerging issues such as AI, UAD 3.6 implementation, appraisal quality, and data standardization in mortgage finance. Fannie Mae, Freddie Mac, The Appraisal Foundation, and the Appraisal Subcommittee shared updates on policy, regulation, and oversight. Other sessions examined enforcement and disciplinary consistency and evolving expectations for state regulatory agencies.
The conference gave Appraisal Institute staff an opportunity to engage directly with regulators and industry leaders on legislative, regulatory, and compliance priorities affecting the profession.
Member Moves and Media
Vodinelic Promoted to Head of Strategy at Newmark
Robert Vodinelic, MAI, has been promoted to Head of Strategy for Newmark’s U.S. Valuation & Advisory business, where he will lead strategic planning, business development, and client service initiatives while continuing to support acquisitions and appraisal talent recruitment across the platform.
Ambrose Highlights New Texas Property Tax Savings Calculator
In an article by David M. Ambrose, MAI, The Ambrose Group spotlights a new Texas Property Tax Savings Calculator designed to help property owners estimate potential savings from a successful tax protest ahead of the May 15 deadline.
Real Estate Horizons
Stay updated and check out links to the latest major real estate industry stories!
More Opportunities to Learn
Search the latest educational offerings! Find National and Chapter-sponsored classroom, synchronous, and online opportunities.
Until Next week
Team Appraisal Institute
