Single-Family Seller/Servicer Guide (Guide) Bulletin 2011-25 announces updates to our requirements for appraisal-related forms and reconciling multiple opinions of market value.
Review Freddie's Guide Bulletin to get complete details on the Guide changes outlined below.
- Specific Guide forms are required for appraisal field review reports and appraisal updates. Sellers are required to use Guide Form 1032, One-Unit Residential Appraisal Field Review Report, or Form 1072, Two- to Four-Unit Residential Appraisal Field Review Report, when obtaining an appraisal field review report as a part of the mortgage file. We are also requiring Form 442, Appraisal Update and/or Completion Report, to be used when obtaining an appraisal update.
- Guidance on reconciling multiple opinions of market value. New Guide Section 44.16, Reviewing Appraisal Reports, Obtaining Subsequent Appraisal Reports and Appraisal Field Review Reports, and Reconciling Multiple Opinions of Market Value, has been added, outlining the requirements for reviewing the appraisal reports and determining which market value to use when several opinions of market value are obtained.
- Updated requirements for appraisers. To be consistent with the Uniform Standards of Professional Appraisal Practice (USPAP), we are specifying that Sellers must select appraisers with knowledge and experience in appraising the property type in the market area and access to applicable data sources.
Source: Freddie Mac