TopMortgage Compliance Update (1)
  July 6, 2010
                                      FANNIE MAE: NEW APPRAISAL GUIDELINES

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Overview
On June 30, 2010, Fannie Mae issued additional guidance on appraisal-related policies, along with a number of other miscellaneous changes to its Selling Guide - Fannie Mae Single Family. Fannie's new policy requirements and clarifications concerning existing lender requirements are being added to a number of appraisal sections of the Selling Guide, with respect to post-purchase reviews of mortgage loan files.
Policies and Clarifications
  • 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)
Highlights
Inclusion of Interior Photographs in the Appraisal Report
B4-1.2-06: Appraisal Forms and Report Exhibits
Effective: All applications dated on/after September 1, 2010.

Lender Changes to the Appraised Value and Guidance on Addressing Appraisal Deficiencies
B4-1.4-21: Appraisal Report Review: Valuation Analysis and Final Reconciliation
Effective: All applications dated on/after September 1, 2010.

Appraiser Selection Criteria
B4-1.1-03, Appraiser Selection
Effective: June 30, 2010.

Selection and Use of Comparable Sales
- Data and Verification Sources
- Use of Foreclosures, Short Sales, and Builder Sales as Comparable Properties
B4-1.4-16: Appraisal Report Review: Sales Comparison Approach
Effective: June 30, 2010.

Miscellaneous Appraisal-Related Guidance
- Communication under the HVCC
- Seller Concessions
- Treatment of Personal Property
- Market Conditions Addendum to the Appraisal Report
Effective: All applications dated on/after September 1, 2010.

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Fannie Mae: Selling Guide Updates and Additional Guidance on Appraisal-Related Policies

Announcement SEL-2010-09
June 30, 2010

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