Fannie Mae: NO more Finished Basement included in GLA Starting February 2022

[Fernando]

The selling guide says the appraisal report must follow ansi, therefore, the appraiser is required to follow ansi as an agreement to the scope of work.

Lenders are required to ensure the property meets FNMA standards. As a requirement of Lender appraisal scope of work, appraiser's are required to follow the FNMA selling guide concerning FNMA appraisal requirements.

FNMA doesn't directly tell the appraiser what to do. In their own words they "encourage appraisers" to follow their standards.

The only FNMA requirement concerning appraisers is they must be state licensed or certified. Also, the Lender must ensure that the state license or state certification is active as of the effective date of the appraisal report.

There is nothing in the selling guide directed to the appraiser. It is all about the Lender. If a standard of the appraisal report does not meet the selling guide, it is the Lender making it a requirement as part of the scope of work.

If what you are saying is true, as long as Lender is satisfy with my interpretation of ANSI and accepts my work, that's all that matters.
It's the Lender's responsibility to see if my report is acceptable which can be good or bad.

 

[Terrel L. Shields]

It's the Lender's responsibility to see if my report is acceptable which can be good or bad.

And if the loan goes south and FNMA reviews the report for compliance the bank might have to buy the loan back and you get blacklisted....cool.

 

[andrew81]

Yes. It is the Lenders responsibility.

However, when a Lender sends you an appraisal request and as part of the Scope of Work indicates it must meet FNMA appraisal requirements, then you are required to meet the FNMA appraisal requirements, because you agreed to.

 

[andrew81]

It is ultimately the Lender's responsibility, but, most likely if the lender gets in trouble by FNMA, they could attempt to get the the appraiser in trouble as well for not following the agreed scope of work.

 

[Fernando]

Yes. It is the Lenders responsibility.

However, when a Lender sends you an appraisal request and as part of the Scope of Work indicates it must meet FNMA appraisal requirements, then you are required to meet the FNMA appraisal requirements, because you agreed to.

If my interpretation differs with Lender, mine doesn't matter. Lender has final say. I hope all my client/Lender will be consistent in interpreting ANSI.

 

[djd09]

The selling guide says the appraisal report must follow ansi, therefore, the appraiser is required to follow ansi as an agreement to the scope of work.

USPAP does not require a measurement . ask the hybriders. so, maybe ansi is like the "due dates". just a contractual agreement

 

[djd09]

and if fannie already had "guidelines" for measuring, why didn't they just update the guide without ansi, i mean just take the class and buy the book suckers

 

[andrew81]

USPAP does not require a measurement . ask the hybriders. so, maybe ansi is like the "due dates". just a contractual agreement

Yes. FNMA has appraisal requirements for the lender. The lender then passes those requirements to the appraiser as part of the agreed upon scope of work.

 

[djd09]

Yes. FNMA has appraisal requirements for the lender. The lender then passes those requirements to the appraiser as part of the agreed upon scope of work.

yes what? the market does not recognize ansi. so keep setting anti market standards just like USPAP says

 

[CGinMN]

It is ultimately the Lender's responsibility, but, most likely if the lender gets in trouble by FNMA, they could attempt to get the the appraiser in trouble as well for not following the agreed scope of work.

Who is “they” in this statement? The lender or Fannie Mae?