Fannie Mae updated its selling guide to provide additional appraisal-related guidance.
The government-sponsored enterprise's (GSE) post-purchase reviews of mortgage loan files identified issues with appraisals. The new policy clarifications address those issues.
Fannie will now require interior photographs of specific rooms and areas of the house in the appraisal report.
The GSE provided guidance on when an appraisal is considered deficient and when a lender can make changes to the opinion of market value based on underwriter judgment, automated valuation models or other methodology.
The policy changes take effect for all mortgage loan applications dated on or after Sept. 1, 2010.
Full HousingWire article: http://bit.ly/9XcUZM
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