Selling Guide

Published April 1, 2020

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

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Does an exterior-only appraisal have to include subject property and comparable sales photos?

Note: This FAQ comes from the published COVID-19, FAQs on Appraisals

Does an appraisal report have to include subject property and comparable sales photos when the report is an exterior-only appraisal assignment? 

An exterior only appraisal must include a front photograph of the subject on a subject photo page. The appraiser may use photos obtained from credible and reliable sources to represent the subject and comparables used on the appraisal. Although not required the presence of a comparable photos page, with images, may be necessary to allow the appraisal report to pass automated review systems.

For more information, refer to the published Lender Letter LL-2020-04, Impact of COVID-19 on Appraisals.

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