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)


Bryan McDonald said...

Thanks for the info, very interesting.

Alison Shuman said...

Thank you for taking the time to post news of interest to our industry!