As the result of a post-purchase review of mortgage loan files that identified a number of appraisal issues, Fannie Mae has updated its Selling Guide with additional appraisal guidance.
The new policy requirements and clarifications concerning existing lender requirements – which take effect on all mortgage applications dated on or after Sept. 1, 2010 — have been added to a number of appraisal sections of the Selling Guide, including:
- 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)
A copy of the Fannie Mae Selling Guide updates on appraisal policies can be found here.