Solano Real Estate Scene: Jim Porter
Article By: Jim Porter – August 28, 2026
I am still learning new things every day.
New thing No. 1: Value acceptance is now the term used for an appraisal waiver.
New thing No. 2: When we run a loan application through the Fannie Mae Desktop Underwriter (DU) system the approval findings will give the borrower and the lender three options for the property valuation – a full appraisal, value acceptance with no inspection or photos, or value acceptance plus property data with inspection and photos performed by a trained, vetted third-party unlicensed data collector.
My team has had many appraisal waivers over the years and I remember occasionally needing a drive-by appraisal. But until recently, I had never seen an option where an unlicensed individual is hired by the lender to inspect the house and take photos to meet the appraisal requirement.
Fannie and Freddie have a vast database of past appraisals and purchase transaction details in every housing market in the country. The Fannie DU system can see what the comps have been over the past year in most neighborhoods.
So, if the purchase agreement is for a basic home and the buyer is obtaining a conforming loan amount below $832,750, Fannie may not require an appraisal. The motivation for appraisal waivers, now called value acceptance, was for Fannie to move away from the “one size fits all” approach to property valuations.
According to statements from Fannie, the decision centers on three things: Lowering closing costs for borrowers (full appraisals now cost $600 to $800), reducing the loan processing time and friction for real estate transactions, and leveraging decades of data including millions of historical appraisals.
Sandy Stewart, veteran Realtor and training manager of CBKG in Vacaville, inspired this column because she told me about a recent experience where her first-time buyer was buying a true fixer-upper in as-is condition at a phenomenal price. Both the listing broker and Sandy were waiting at the edge of their seats to see if the appraiser and the lender would call for significant repairs to close the escrow.
Sandy got a call from an unlicensed data collector from Fremont-based Asteroom to inspect the property. The woman showed up on time, pulled out a fancy tripod and scanning camera and took some pictures. A few days later the escrow closed on time without any property condition issues.
The collector does not determine value, but they comprehensively capture 40 to 60 photos, map out a floor plan, and log about 120 specific data points into Fannie Mae’s property data.
Sandy’s buyer was fully informed on all the repairs needed and with the financial support of her Dad was prepared financially to take on the fixer-upper. Once the renovations are done, she will have a ton of instant equity.
My daughter and I got a DU approval last week with the value acceptance plus property data findings but then confirmed that the California Housing Finance Agency requires a full appraisal regardless of findings.
I am trying to find out now what will happen when the photographer takes a picture of something like a kitchen with no appliances or rooms without flooring. More to come on this subject.
Jim Porter, NMLS No. 276412, is the branch manager and senior loan adviser of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
