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)