FNMA states MLS photos are OK

[incognito]

from the new lending guide:

• clear, descriptive, original photographs showing the front, back, and a street scene of the
subject property and the front of each comparable sale.
the subject and all comparables must be appropriately identified. Photographs of comparable rentals and listings are not required.
acceptable photographs include clear, descriptive, original images from photographs or electronic images, copies of photographs from a multiple listing service, or copies from the appraiser’s files.

Now I don't have to worry about those blurry 30 MPH photos any more. I can drive by at 50 mph now! (just joking, boys and girls...)

 

[BRCJR]

from the new lending guide: Now I don't have to worry about those blurry 30 MPH photos any more. I can drive by at 50 mph now! (just joking, boys and girls...)

Be sure you do not violate by-laws of your MLS

 

[CANative]

FNMA has never prohibited MLS photos. The do require inspection from the street and that the appraiser certify that the comparable sales were inspected from the street.

What has changed?

 

[incognito]

You know that and I know that, but I suspect the vast masses don't. In fact, FWIW, FNMA does not even require color photos!

What I was hoping someone would catch is that FNMA states they require "clear, descriptive, ORIGINAL photographs (of)... the front of each comparable", yet they go on to state that COPIES of MLS photos are OK. I was wondering how one can have an ORIGINAL which is a COPY!
That was more the point of my post...

 

[Mr Rex]

If you drive by the comp and the MLS photo hasn't been photo-shopped, then Fannie considers it original I guess.

 

[DTB]

You know that and I know that, but I suspect the vast masses don't. In fact, FWIW, FNMA does not even require color photos!

What I was hoping someone would catch is that FNMA states they require "clear, descriptive, ORIGINAL photographs (of)... the front of each comparable", yet they go on to state that COPIES of MLS photos are OK. I was wondering how one can have an ORIGINAL which is a COPY!
That was more the point of my post...

Where does it say "require" ?

acceptable photographs include clear, descriptive, original images from photographs or electronic images, copies of photographs from a multiple listing service, or copies from the appraiser’s files.

 

[CANative]

You know that and I know that, but I suspect the vast masses don't. In fact, FWIW, FNMA does not even require color photos!

What I was hoping someone would catch is that FNMA states they require "clear, descriptive, ORIGINAL photographs (of)... the front of each comparable", yet they go on to state that COPIES of MLS photos are OK. I was wondering how one can have an ORIGINAL which is a COPY!
That was more the point of my post...

It would drive up the cost of appraisals and they would all take longer. Fannie knows this. Fannie has always known this. Fannie doesn't care. Because they know that driving by each comp every time doesn't add much to anything.

 

[wtethree]

So, FNMA doesn't require them but FHA does. Is this correct?

 

[Restrain]

Sometimes the MLS photo is more representative of the sale than the photo at the time of the inspection (remodeling, tear-down, etc). Not advocating either way, just commenting.

 

[CigarDad]

MLS photos were not aways online either. Bbefore the internet and dial up the MLS came out in weekly/monthly books. We used to zerox the photos out of the MLS book to include in our appraisals.