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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How will post-purchase QC reviews be performed on the exterior-only inspection and desktop appraisal reports during the pandemic?

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

Given the appraisal flexibilities provided in Lender Letter LL-2020-04, Impact of COVID-19 on Appraisals, how will Fannie Mae perform post-purchase quality control reviews on the exterior-only inspection appraisal report and desktop appraisal reports? UPDATED

When Fannie Mae performs quality control or any other post purchase reviews on these appraisal reports, they will be based on the modified scopes of work for the exterior-only inspection appraisal reports and desktop appraisal reports, respectively. The appraiser’s description of the subject property must be complete, and the opinion of the market value of the subject property must be adequately supported. The review will include an assessment of whether there are property deficiencies, including those impacting safety, soundness, or structural integrity, that were reasonably discoverable in the normal course of business as of the effective date of the appraisal, given the applicable scope of work.

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

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