Thursday, July 1, 2010

Fannie Mae Updates Selling Guide and Appraisal Policies

Fannie Mae has issued an Announcement, dated June 30, 2010, titled Selling Guide Updates and Additional Guidance on Appraisal-Related Policies. The Announcement includes:

  • Appraisal-related policies that update the Selling Guide
  • Miscellaneous appraisal-related guidance (no impact on the Selling Guide)
  • Miscellaneous Selling Guide updates
  • Updates to Special Feature Codes
  • Updates to Mortgage Insurance Codes
The last 3 will not be of much interest to appraisers, but the first two include information of interest and importance. As a result of these changes, the online Fannie Mae Selling Guide has been updated, and now carries a June 30, 2010 date. Use this LINK or the Fannie Mae Selling Guide Link in the Links Section.

You will be interested in:
  • Inclusion of interior photographs in the appraisal report
  • Lender changes to the appraised value and guidance on addressing appraisal deficiencies
  • Appraiser selection criteria
  • Sources of comparable market data
  • Selection of comparable sales
  • Communication under the HVCC
  • Seller concessions
  • Treatment of personal property
  • Market Conditions Addendum to the Appraisal Report (Form 1004MC)

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