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

[Fernando]

Are you saying Terrel gave me wrong information?

 

[TerryRohrer]

Are you saying Terrel gave me wrong information?

What does your copy of the Selling Guide say? What is the date on it?

 

[andrew81]

What does your copy of the Selling Guide say? What is the date on it?

Good luck

 

[Fernando]

What does your copy of the Selling Guide say? What is the date on it?

Hey Terrel. What date is it?

 

[andrew81]

Hey Fernando, here is a link to online search and download a pdf of the Selling Guide.

Selling Guide

selling-guide.fanniemae.com

The section concerning appraisals is:

PART B Origination thru Closing
Subpart B4: Underwriting Property
Chapter B4-1: Appraisal Requirements

 

[TerryRohrer]

Hey Terrel. What date is it?

5/17/22

 

[Fernando]

5/17/22

Smartas*.

 

[Terrel L. Shields]

Are you saying Terrel gave me wrong information?

Yep, the dumass didn't have the newest version... since I don't do any Fannie work, I no longer get update info from them. Wasn't aware of the change. It is a mistake by them because there are a mix of market ways to do any number of things. The primary problem is to dissect the comparables and unravel what the assessor or other source tells you. This is more evidence FNMA wishes to eliminate appraisers altogether and until that end game is played out, they will make the appraiser data collectors, not valuation experts.

 

[djd09]

i thought appraisers were required to follow ansi standards and not the selling guide

 

[andrew81]

i thought appraisers were required to follow ansi standards and not the selling guide

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.