New Fannie Mae Guidelines – 7/30/13
Many thanks to Montana appraiser Doug Smith for this info. Here’s what Doug says:
“Not much new but lenders have to put in QC steps that may increase the review situation. Fannie Mae stated that they have a right to exclude appraisers from appraisals sold to them. I think this is the first time they have put this in writing.”
My comment: It is always good to refer to the most recent version of th Fannie Mae Guidelines. The Announcement has a summary of the changes. I remember back in the “Stone Age” prior to HVCC in 5/09 when all we had to worry about was Fannie Mae Guidelines. Now, every lender seems to have lots of changing requirements that dramatically extend what appraisers have to do.
Just awesome topic! I also can share my experience in filling forms. I’ve forgotten the last time I filled out a form on paper. I mostly use PDFfiller to edit. You can easily fill IRS 4876-A here
ITs a very necessary to follow the new and updated version of the new fannie mae guidelines to provide the effective services.
The fannie mae guideline is the best thing and very important to all the appraiser to follow it.
Hello, do you know what is the recommended guideline for a comparable differences in gross living area? Thank you.
there is no guideline. the appraiser determines it. A good method is regression analysis using MLS sales.
“…exclude appraisers from appraisals sold to them.” It seems to me that appraisers must increasingly consider excluding many banks and Fannie Mae.