Standardized Property Measuring Guidelines

[Terrel L. Shields]

Let's change it next year and every year after that ... Like winning the Lottery

Exact same thing as legislation by reference like USPAP. And it is going to make ANSI a ton of money...which, BTW is why they are in business writing meaningless standards for everything. Need that seal of approval.

 

[djd09]

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why stop?

 

[djd09]

Why the change?
Valuations of residential property correlate strongly with GLA, yet
to date there is little consistency in how appraisers determine it.
Our adoption of the ANSI standard for measuring, calculating, and
reporting square footage:
• Creates alignment across market participants.
• Provides a professional and defensible method for the appraiser.
• Allows transparent and repeatable results for the user of the
appraisal report


What if comparable sales are measured differently?
GLA for properties in local MLS systems and assessor records may
not be ANSI-compliant. The appraiser may not know what method an
MLS listing or assessor used to calculate the GLA. Through research
and their knowledge of the local market, appraisers determine if
the GLA provided through alternate sources should be adjusted.
The adjustment process does not change the requirement to report
subject GLA to the ANSI standard


Is there an exception process?
If the appraiser is unable to adhere to the ANSI Standard, the appraiser
will provide the code “GXX001 –” in the Additional Features field on the
appraisal form and must explain why compliance was not possible.
For example, berm homes with their entire square footage below
grade would be eligible for an exception. The appraiser must provide
justification for an exception, lenders are responsible for confirming
the appraiser provided an adequate explanation. Fannie Mae will
monitor for inappropriate use of exceptions (i.e., using methods other
than the ANSI standard for homes that have typical above grade
square footage)

https://singlefamily.fanniemae.com/media/30266/display?utm_source=sfmc&utm_medium=email&utm_campaign=10965074&utm_term=5131211&utm_content=42533552&sfmc_id=1982793383&goal=0_ea97ed434d-b090a94c4e-15565057&mc_cid=b090a94c4e&mc_eid=56c92bcf8e

 

[Non Sequitur]

This really isn't aimed at us, it's setting a standard for the measuring technologies that are quickly being adopted by AMCs with their bifurcated and hybrid reports.

 

[Zoe]

Maybe you missed the part where you have situations where comps aren't measured to anzi standards.

Most comps are rounded to the nearest 1/2 ft, if not to the nearest ft.

I didn't miss that. I told your our little ol MLS gives appraisers a discount to submit their GLA, room count and few other items.

Expound that to people like corelogic or GSE and them share data with appraiser.

 

[Zoe]

Corelogic already shares appraiser data in their software. Imagine if GSE did likewise.

If you don't like measuring by ANSI, don't do it. Go find other clients than GSE. Don't whine here. I won't feel sorry for you.

 

[Zoe]

As far as comps, you have the best data available from the sources your peers use. So don't worry about that. Just worry about GSE on their requirements.

 

[Zoe]

Underwriter told me they trust appraiser data most, real estate agent next and tax assessor least. But you have what you have. If GSE says use ANSI, use it or don't work for them. Easy decision.

 

[Zoe]

Don't fork up and not use ANSI on a secondary market mortgage loan. That could put you out of business and worse.

 

[Sadie]

I understand that. But if you have 2 colonials that look the same by the naked eye but one's second story is an inch below ANSI standard to call it GLA then you would have say one with 1,000 Sq.Ft. GLA and the other with 2,000 Sq.Ft. GLA but the market treats them the same. So it can only serve to confuse the reader when you do not adjust and explain.

There is a carve out in the guidelines for this type of situation.