Fannie Mae Q3 Update

[Bobby Bucks]

As a rural appraiser, I have long thought the comparable sales picture was a waste of time. I would drive 1-2 hours for comparable sales pictures to get nice picture of a long driveway or nothing but trees. I would have to add the MLS picture for almost every comparable sale.

Now, y'all are gonna hate me for this, but appraisal fees should be lowered for this time saver unless you are already collecting paltry fees (anything less than $500-800) from an AMC.

I am open to arguing that point, but it really does save a rural appraiser hours on every assignment.

Being one who performs extreme rural along with suburban assignments, I know what you're getting at. For me, what you mentioned applies with properties that have comparables in all compass points 30+ miles from the subject. Those giving you grief can't skin griz, nor do they know anything about rural properties.

 

[Non Sequitur]

I'm actually a bit surprised that the SCA section of the new form still contains a grid. I was kind of expecting some kind of CMS type analysis - where you're distilling elements of comparison based on a much larger pool of data than the typical '3 comp' type stuff...

I agree. I've always believed the better practice would be a qualitative analysis with a robust reconciliation. But those who spent millions developing fancy adjustment software are more connected than Unca' Non.

 

[Non Sequitur]

Being one who performs extreme rural along with suburban assignments, I know what you're getting at. For me, what you mentioned applies with properties that have comparables in all compass points 30+ miles from the subject. Those giving you grief can't skin griz, nor do they know anything about rural properties.

Comparing not driving comps vs the additional time suck of nearly everything UAD 3.6, rural appraisers may be the only group who can show an overall time savings.

 

[Surf Cat]

USPAP does not require any photos...

I was caught flat-footed many years ago in an upscale community where the borrower stated to me "no photos".

Of course the lender didn't make me aware of this assignment condition. I convinced the borrower to let me take photos so I could describe his property within the report and promised not to input any photos within the assignment. He reluctantly agreed.

I was smart enough to call the client and let them know of the assignment condition but too Green to demand an increase in fee. That was a learning assignment for sure.

 

[Tom4value]

What is the old adage? (Paraphrasing here) “ If someone offers you a $50 service for $5 you are not getting a service that is worth a nickel.”

I always take my own comp photos, even if “not required”. Why? Because I have no idea if that comp is next to a gas station, toxic waste dump or anything else that will affect the value, negatively or positively. “Ahh, who is gonna know?” The person who doesn’t like your value or the appraiser who does a field review, that’s who!

 

[djd09]

our biggest competitors don't drive comps...

 

[Tim Hicks (Texas)]

Being one who performs extreme rural along with suburban assignments, I know what you're getting at. For me, what you mentioned applies with properties that have comparables in all compass points 30+ miles from the subject. Those giving you grief can't skin griz, nor do they know anything about rural properties.

I had a large barndominium appraisal last month (4000+ sf with a pool and workshop). Comparable sales were scarce and not within the price range of the subject property. I did the TIDEWATER requirement and their response was to send me another appraisal completed in July. The sales on the appraisal were 48-75 miles away. I had sales much closer (within 20 miles and more similar in size, age and lot size). I thought there was no way the appraiser drove those comparable sales. I looked and somehow their pictures were identical to the MLS photos.

 

[Fernando]

I'm researching on this appraisal order now and I haven't seen the property (to kill the boredom, I'm on AF).
I gathered all my comps and I could finish the report without seeing it.
But as an appraiser, I need to see subject and the comps to get more information especially location differences.
I have on comp one block away and street traffic is much different.
A real appraiser needs to drive by the comps.

 

[sputnam]

Appraiser Update | Fannie Mae

Welcome to the Q3 2025 Fannie Mae Appraiser Update.

singlefamily.fanniemae.com

Perhaps the most significant appraisal policy change in recent memory is the launch of the new Uniform Appraisal Dataset (UAD) 3.6. In this edition we continue to unpack UAD 3.6 changes with the Update Report and the Completion Report. Another change is discontinuation of our requirement to inspect comparable sales from the exterior, which will save appraisers some driving time.

Yep. Your client may still want current, photos of the comparables in the report... and, if they do, you decline the assignment, talk them our of it, or you drive the comps.

 

[Tom D]

I just drove 4 sales this morning. 3 of the 4 photos were of a mailbox and/or driveway

I just drove by 6 of my look alike comps, all within 3 city blocks of the subject. My privileged urban row appraising life has no comment for this thread. Well, maybe i do. Rural appraisers are the storm troopers. From these years of reading i would think you ain't being paid enough. I did some rustic suburban in my youth before the internet and cell phones. I don't know how you could find any driveway without some identifying mark. One time, all the mail boxes were on the corner of the street. I don't do them anymore, mostly big urban.