Fannie Mae Announcement SEL-2010-09 - Selling Guide Updates and Additional Guidance on Appraisal-Related Policies

 Fannie Mae's Announcement  SEL-2010-09 describes the following:

• Appraisal-related policies that update the Selling Guide
• Miscellaneous appraisal-related guidance (no impact on the Selling Guide)
  Miscellaneous Selling Guide updates
• Updates to Special Feature Codes
• Updates to Mortgage Insurance Codes

For each policy change or clarification that impacts the Selling Guide, the topics (and specific paragraphs) are noted and are linked to the updated Selling Guide. The updated topics are dated June 30, 2010.

Updated Appraisal-Related Policies

Fannie Mae’s post-purchase reviews of mortgage loan files have identified issues with appraisals. As a result of those reviews, new policy requirements and clarifications concerning existing lender requirements are being added to a number of appraisal sections of the Selling Guide, including:

• Inclusion of interior photographs in the appraisal report B4-1.2-06
• Lender changes to the appraised value and guidance on addressing appraisal deficiencies B4-1.4-21
• Appraiser selection criteria B4-1.1-03
• Sources of comparable market data B4-1.4-16
• Selection of comparable sales
• Communication under the HVCC
• Seller concessions
• Treatment of personal property
• Market Conditions Addendum to the Appraisal Report (Form 1004MC)

As a result of these changes, the online Fannie Mae Selling Guide has been updated, and now carries a June 30, 2010 date.