Fannie ANSI Update – 19 New FAQs

Fannie ANSI FAQs Update

Updated Standardized Property Measurement Guidelines – 19 new FAQs, 5 Pages

Excerpt from the short Fannie email sent 3-15-22 at 8 AM (Pacific time): “…Are you ready? We’ve updated the Standardized Property Measuring Guidelines fact sheet to include more answers to your frequently asked questions. Thanks to all the appraisers, AMCs, and lenders who submitted questions.”
My comment: There are no changes to the first page, including comps measured differently and the exception process. Links are included for references in Fannie’s Selling Guide in the Guidelines.
FAQ topics include:
Q5. When common practice in the local market differs from the ANSI standard, can the appraiser modify the subject’s GLA to conform to local custom?
Q8. The ANSI standard specifically notes that the definition of above and below grade could cause some houses to have no above-grade finished square footage.
How should appraisers report GLA in this scenario?
Q9. How will lenders know that appraisers used the ANSI standard?
Q15. Will appraiser adherence to the ANSI standard cause confusion when the subject GLA differs from other sources such as MLS or public record?
Q16. How should appraisers account for rooms located in above-grade finished areas that do not qualify as GLA under the ANSI standard?
Q18. The GLA of comparables available to appraisers may not be based on the ANSI standard. How should appraisers manage this issue?
Q19. How should appraisers value finished areas that the ANSI standard does not include in GLA, such as where the ceiling height is less than 7 feet?
To download the PDF to read the answers and other FAQs,  click here
My comments: Read This Document! I have been waiting for an update to the one-page original Fannie document since it was first released about 3 months ago. There are many, many issues when using ANSI for lenders and AMCs. Appraisers sent many questions to Fannie and made comments during webinars with Fannie.
If you’re looking for a class, webinar, or other ANSI info, go to www.appraisaltoday.com/ANSI

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, new Fannie Form, stress, price per sq.ft., reviewer appraisal problems, mortgage origination stats, etc.

 

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Sewer vs. Septic for Appraisers – Don’t get into trouble!

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NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, Fannie new desktop form, GSEs to use desktops for purchases loans, Time management, Freddie Secret, Liability, mortgage origination stats, etc.

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6 Appraiser Tips on Increasing Productivity

6 Ways to Streamline Your Appraisal Workflow

Excerpt:
#6. Reduce revision requests
A revision will waste 15 minutes minimum. To reduce revision requests, track your clients’ common questions, and include that information in all reports when applicable. If you work for a lot of different lenders or do a lot of appraisals for lending-related purposes, those clients and intended users are probably asking some of the same questions over and over.
For example, if your clients often ask about septic, go ahead and include a comment about the septic system in your initial report. In other words, answer the question before they ask it.
To read more plus get 5 more tips, click here
My comments: Short and well written, worth reading. I have been writing about time management in my Appraisal Today monthly newsletter since June 1992, the first issue. Saving time is a very hot topic now when everyone is very busy. All of my many articles are available free to paid subscribers. They are much longer than this blog post, of course.

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on Fannie News on Forms and UAD, September Fannie Update, Bias (again), unusual homes, mortgage origination stats, etc.

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