No. Ask Poli. Section 1.07 January 15, 2021 Appraisal Guidelines Page 3 of 151 Correspondent Seller Guide Broker Seller Guide Overview Introduction The safety and soundness of mortgage loans secured by real estate depends upon the adequacy of the underwriting supporting the transaction. The modified scope of work, statements of assumptions and limiting conditions, and appraiser’s certifications addressed in the Lender Letter must be copied and pasted, in its entirety, into a text addendum, with no edits or alterations. As previously communicated in the Lender Letter and these FAQs, if there is insufficient information about the property to complete the appraisal assignment, the loan is not eligible for sale to Fannie Mae. information from other Fannie Mae published sources. The appraisal data must conform to UAD and The published Q&A can be found on The Appraisal Foundation website. Fannie Mae guidelines. In many cases, the wheels/axles are still attached, and the hitch may be also. Escrow, Taxes, Assessments, and Insurance 11, 2020, DU began issuing a new message stating that the borrower's existing loan has been identified by DU as a Fannie Mae loan. Yes, desktop appraisals completed on Forms 1004 and 1073 will be scored by Collateral Underwriter just as traditional appraisals are scored when these forms are used. It is the lender’s responsibility to ensure the appraisal is accurately reported. We have not provided COVID-19 related flexibilities for co-op share loan documentation. To assist lenders in applying these flexibilities, beginning Apr. Photos can be obtained from sources such as third-party websites, owners, or listing services, etc. The conditioning requirements for health and safety issues may vary for each appraisal product based on loan program or loan type. With both the desktop and drive-by appraisal, the appraiser may request the borrower, owner, or an individual that has access to the property interior to provide a photo of the HUD Data Plate. feel free to email. For all other photographs, the appraiser may provide photographs from credible secondary data source(s). If you have additional questions, Fannie Mae customers can visit Ask Poli to get Having Issues with Seeing this Page Correctly? The Appraiser’s Certifications, approved for use with desktop and exterior-only appraisals prepared using the COVID-19 flexibilities, require the appraiser to report the condition of the improvements in factual, specific terms. Apparently, Fannie Mae has been looking for a workaround to this situation. The Appraisal Standards Board has issued guidance specific to this topic. December 1, 2011), Fannie Mae and Freddie Mac will require appraisals to be completed using the field-specific standardization requirements. This part describes the processes and procedures required when doing business with Fannie Mae. & Technology, News & An accurate and reliable appraisal will be required. Visit Selling and Servicing Guide Communications and Forms. For a comprehensive list of resources such as forms, announcements, lender letters, • agrees to be bound by certifications as set forth in Fannie Mae’s appraisal report forms, and • takes full responsibility for the appraisal report. The appraiser must provide an original photograph of the front of the subject property. Visit Selling and Servicing Guide Communications and Forms. This section provides specific instructions for completing the Fannie Mae Form 1004/Freddie Mac Form 70, Uniform Residential Appraisal Report (URAR). Click below to access COVID-related FAQs, Lender Letters and other resources: Yes. The appraiser will need to communicate with the lender or AMC to ensure there is sufficient information available to complete the assignment type ordered. information from other Fannie Mae published sources. Events, Chapter B1-1: Application Package Documentation, Subpart B5: Unique Eligibility and Underwriting Considerations, Chapter B5-1: High-Balance Mortgage Loans, Chapter B5-3: Construction and Energy Financing, Chapter B5-5: Community Seconds, Community Land Trusts, and Loans with Resale Restrictions, Chapter B5-7: High Loan-to-Value Refinance Option, Subpart B6: Government Programs Eligibility and Underwriting Requirements, Chapter B6-1: Government Insured and Guaranteed Mortgages, Chapter B7-1: Mortgage Insurance/Loan Guaranty, Chapter B7-3: Property and Flood Insurance, Chapter B7-4: Liability and Fidelity/Crime Insurance Requirements for Project Developments, Chapter B8-1: General Information on Legal Documents, Chapter B8-5: Special-Purpose Legal Documents, Chapter B8-7: Mortgage Electronic Registration (MERS), Selling, Securitizing, and Delivering Loans, How to do a hard refresh in Internet Explorer. For exterior-only inspection appraisals, the appraiser may obtain a photo of the HUD Certification Label, provided they are given permission by the property owner to access the site. No. Appraisers must describe these as either “desktop” or “exterior”, as the case may be. No, the exterior-only inspection appraisals permitted in accordance with the temporary flexibilities announced in Fannie Mae LL-2021-04, Impact of COVID-19 on Appraisals must be completed on the following appraisal forms: When Fannie Mae performs quality control or any other post purchase reviews on these appraisal reports, they will be based on the modified scopes of work for the exterior-only inspection appraisal reports and desktop appraisal reports, respectively. It's been awhile doing a Fannie Mae appraisal. No. A supervisory appraiser may not sign the left-hand side of the appraisal report unless he or she has met the requirements of the appraiser as noted in the License and Certification section in this topic. In this instance, the appraiser would enter “desktop” as this reflects the appraisal type agreed to with the acceptance of the assignment and the minimum scope of work required for the assignment. In states where a UCC-1 is used to record security interest in a co-op’s stock(s) or share(s), Fannie Mae policy requires that lenders provide document custodians the original executed or a copy of the UCC-1 financing statement that bears the file stamp of the relevant filing office(s) to be certified by the document custodian. Reminder, for refinances of non-Fannie Mae owned loans and all cash-out refinances, we continue to require a traditional appraisal. The following Forms can be used to complete a desktop appraisal: Other desktop appraisal forms are not allowed for a Fannie Mae-eligible loan. General Requirements Fannie Mae requires a Phase I Environmental Site Assessment (a “Phase I ESA ”) for each Property securing a Mortgage Loan. Execution, Learning It is important to Fannie Mae and Freddie Mac that appraisals are conducted and communicated accurately and effectively. loans, Fannie Mae requires that the lender obtain a signed and complete appraisal report that accurately reflects the market value, condition, and marketability of the property. All appraisals with a risk score of 2.5 or less that meet the requirements of the Selling Guide will receive valuation representation and warranty relief. You can also download the printable 1,200+ page PDF, which include links. In addition to the plans, specification and other photograph exhibits, a builder must provide photos of the bedrooms to the appraiser. Yes. Although the 1004 Desktop (70D) and 1004 Hybrid (70H) are now available, they will only be used in a few instances for testing purposes and are not acceptable for use with the COVID-19 appraisal flexibilities. For example, it is unacceptable to assume the condition of the property is “average” or “similar to the exterior of the home.”. No. The Uniform Residential Appraisal Report (Form 1004) (along with the 1073, 1004c, 1025, and 2090) require the appraiser to certify “I performed a complete visual inspection of the interior and exterior areas of the subject property.” Virtual inspections are insufficient to comply with our Form 1004 and other interior/exterior appraisal form requirements. We encourage lenders to review the DU Underwriting Findings report to determine appraisal waiver eligibility prior to ordering an appraisal. Appraisal software forms providers will incorporate the UAD field-specific standardization requirements into their appraisal report form software. These have been separated for easier reference by topic. If adequate information about the subject property is not available from a credible source, then the desktop or exterior-only inspection appraisal is not acceptable. Lender Letter LL-2021-04, Impact of COVID-19 on Appraisals, lists the appraisal types that are suitable for each transaction type while maintaining prudent and responsible lending practices. Fannie Mae requires that the final version of the appraisal report that is utilized in making the underwriting decision be submitted through the UCDP and receive a “Successful” status from the UCDP prior to the delivery of the loan. It is the lender’s responsibility to ensure the appraisal is accurately reported. No. Yes. Boot Camp Webcast Series: Managing Appraisal Risk. No. Some loans may be eligible for an appraisal waiver, and an appraisal is There may be instances where an appraisal simply cannot be obtained until circumstances change. Guidelines in the Selling Guide are indicative of conduct that is suggested and preferred but can be deviated from with the proper explanation. Yes. Center, Apps • Re-certification of value, in accordance with Fannie Mae guidelines, is acceptable. Lenders are empowered to exercise the flexibilities as described in the lender letter. Corporate Governance Guidelines Fannie Mae Charter Board of Directors Committees Committee Charters Code of Conduct Bylaws Yes. Yes. It is important to note, certification #10 has been removed in recognition that the appraiser may have relied on information from an interested party to the transaction (borrower, realtor, property contact, etc.) For a desktop appraisal, the appraiser may request the owner or an individual that has access to the property to provide a photo of the HUD Certification Label, and deliver it via email or other means to the appraiser. The Phase I ESA must assess the entire Property, and must be prepared by an environmental professional as that The appraiser is responsible for determining what is an adequate scope of work for any assignment and may choose to expand the scope beyond the minimum requirements. A. A good faith effort should be used to provide information that the appraiser believes is reasonable. Unrecorded originals or copies of UCC-1 financing statements that do not bear the file stamp of the relevant office(s) may not be certified by document custodians. As stated in LL-2021-04, the appraiser’s certification #10 was removed recognizing that the appraiser may have to rely on information from an interested party to the transaction (borrower, real estate agent, property contact, etc.) In response to the COVID-19 pandemic, Fannie Mae and Freddie Mac have provided temporary guidance to lenders on several policy areas to support mortgage originations. Fannie Mae only deals with mortgages made to individuals. & Insights, Pricing & Lenders delivering mortgages with one of the permitted flexibilities are not required to provide documentation showing that they could not obtain a traditional appraisal due to COVID-19. Because we are  permitting exterior-only appraisals to be completed on forms that are typically used for interior and exterior inspection appraisals, we will be relying on the text in the Map Reference field to identify the type of appraisal (exterior-only) completed. In such cases, an appraiser should include all photos that are available. notices and more. When a desktop appraisal is obtained using Uniform Residential Appraisal Report (Form 1004) , or Individual Condominium Unit Appraisal Report (Form 1073) and submitted to Uniform Collateral Data Portal® (UCDP®), the appraisal will be assessed for valuation representation and warranty relief in Collateral Underwriter. Doing Business with Fannie Mae. If you have additional questions, Fannie Mae customers can visit Ask Poli to get On a desktop assignment, nothing precludes the appraiser from expanding the scope of work; however, the Map Reference field must reflect “desktop” as it represents the minimum scope of work. notices and more. & Insights, Pricing & Launch New construction purchase transactions are subject to the requirements provided in LL-2021-04, including all requirements in the permissible appraisal requirements chart. If you still have Technical Support questions, , then a new Appraisal Appraisal Written statement independently and impartially prepared by a qualified appraiser stating an opinion of the market value of the Property as of a specific date, supported by the presentation and analysis of relevant market information. Please see the “Additional Manufactured Housing Requirements for Fannie/Freddie Loans” document posted on the main page of the Product Information Website. The review will include an assessment of whether there are property deficiencies, including those impacting safety, soundness, or structural integrity, that were reasonably discoverable in the normal course of business as of the effective date of the appraisal, given the applicable scope of work. The following Forms can be used to complete an exterior-only appraisal: Other exterior-only or drive-by appraisal forms are not allowed for a Fannie Mae-eligible mortgage. It includes the following subparts: Contractual Obligations, Getting Started with Fannie Mae, Maintaining Fannie Mae Seller/Servicer Status, Setting Up Servicer Operations. Although not required the presence of a comparable photos page, with images, may be necessary to allow the appraisal report to pass automated system requirements. Fannie Mae released new guidelines for appraising rural properties March 25, and at the same time clarified its policy on using appraisal management companies. Fannie mae guidelines for underwriting in verifying the lender’s responsibilities and the eligibility of the borrower’s is as follows:-The lender must obtain a complete and a signed report that accurately represents the market value, condition and marketability of the property that the borrower is looking to buy Therefore, second homes with an LTV greater than 85% require a traditional appraisal report. In cases where the lender is reasonably certain they will not be able to obtain an interior and exterior inspection appraisal, some lenders use the sales contract price in order to estimate the LTV ratio prior to ordering the appraisal. The revised scope of work and certification removes the requirement for the appraisal to be submitted “subject to” an extraordinary assumption. Each lender will need to operationalize as they deem appropriate. is more than 12 months before the Commitment Date Commitment Date Date a Commitment is confirmed by Fannie Mae per . The subsequent transaction must meet both the Lender Letter and Selling Guide requirements including the age of appraisal, appraisal updates, and use of an appraisal for subsequent transactions per B4-1.2-02, Appraisal Age and Use Requirements. If you still have Technical Support questions, We require an independent on-site inspection by the appraiser for a Homestyle Renovation loan to qualify for recourse removal. Homes available for purchase are the most likely to have current photos and data concerning the subject property. We recommend that you use the latest version of FireFox or Chrome. We will allow lenders to use Interior/Exterior forms for two- to four-unit and manufactured homes with the appropriate scope of work, statements of assumptions and limiting conditions, and appraiser’s certifications provided with LL-2021-04, Impact of COVID-19 on Appraisals. Park Model Homes are also not considered to be approved as an ADU under FNMA guidelines. This helps identify the scope of work completed. • Property Inspection Waivers (PIW), through DU, are acceptable. Additionally, in order to pass through automated review systems used by many lenders and AMCs, it may be necessary for the report to include all photos required for an appraisal based on an interior and exterior inspection. Fannie Mae will allow a previous appraisal to be utilized on a subsequent refinance transaction when one of the borrowers is buying out the other borrower. Chapter B4-1: Appraisal Requirements. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. Appraisers may use information in MLS, reach out to the broker, homeowner, public records, and/or other online tools such as satellite imagery and street views to obtain the necessary property information. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. These units often are placed on properties under a Conditional Use Permit by the local jurisdiction, with the stipulation that they be removed once the allowed use ends. Here are a few of the guidelines discussed: Appraisal Review Responsibilities. Appraisers must have data sources they consider reliable. In it, Fannie reiterated some of the core appraisal policies that single-family sellers should be adhering to. When completing an exterior-only or a desktop appraisal the appraiser must have a data source for all relevant characteristics, including interior condition, and reference the source used in the report. We will be adding more FAQs, therefore we encourage you to check in frequently for updates - refer to the "NEW" or "UPDATED" notations after the question. If adequate information about the subject property is not available, the mortgage will not be eligible for sale to us until the appraiser has sufficient information to complete the desktop appraisal or an appraisal with an exterior-only inspection. This helps identify the scope of work completed. Yes. No. You can also download the printable 1,200+ page PDF, which include links. June 29, 2007 Fannie Mae Releases New Guidance on Manufactured Homes, Appraisals. If adequate information is not available to complete the appraisal, the assignment cannot be completed. Launch Ask Poli. , then a new Appraisal Appraisal Written statement independently and impartially prepared by a qualified appraiser stating an opinion of the market value of the Property as of a specific date, supported by the presentation and analysis of relevant market information. For a desktop appraisal report, the Map Reference field must ONLY contain “desktop.” No other entries may be included in this field. Corporate Governance Guidelines Fannie Mae Charter Board of Directors Committees Committee Charters Code of Conduct Bylaws Yes 2-4 Family Principal Residence or 1-4 Unit Investment Property 70% of current value if loan is greater than 2 years Current value is determined by ... FANNIE MAE PMI REMOVAL GUIDELINES Borrower-Initiated Termination of PMI based on Original Value of Property For best results, pose your search like a question. Consistent with USPAP, appraisers are permitted to consider and develop any information deemed credible. The appraiser’s description of the subject property must be complete, and the opinion of the market value of the subject property must be adequately supported. Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. NOTE: Any use restrictions on photos must be honored. Selling, Securitizing, and Delivering Loans, Research Fannie Mae policy for appraisal waivers prohibits the execution of an appraisal waiver for a loan transaction for which the lender has obtained an appraisal. For a comprehensive list of resources such as forms, announcements, lender letters, version of a page. Travel restrictions will likely vary from location to location, and lenders and appraisers should comply with all applicable requirements in their jurisdiction. LandSafe appraisers and reviewers must be familiar with Government Sponsored Enterprise (Fannie Mae and Freddie Mac) or Housing and Urban Development (HUD) health and safety Fannie Mae Guidelines Real estate appraisers must deliver appraisals that meet the minimum requirements of the Fannie Mae Selling Guide for most conventional assignments, and may be required to meet certain additional client-specific requirements that are communicated in each engagement letter. Research Having the appraiser complete an exterior inspection provides current information about the home’s condition that might not be available otherwise. Download Now. For example, Fannie Mae guidelines indicate when a lender may rely on an exterior-only inspection appraisal without impacting property eligibility. This includes exterior-only or desktop appraisals using the COVID-19 appraisal flexibilities.
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