Selling Guide

Published June 3, 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.

View All Selling Policy Updates

Download PDF

Hint: Ask in a form of a question.

Can technology like Skype or FaceTime be used to meet the requirement of an appraiser's physical inspection for a traditional appraisal?

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

For mortgages that require interior and exterior inspection appraisals, would the use of technology like Skype, FaceTime, etc. be sufficient to meet the requirement for an appraiser’s physical inspection?

No. The Uniform Residential Appraisal Report (Form 1004) (along with the 1073, 1004c, 1025, and 2090) require the appraiser to certify “I performed a complete visual inspection of the interior and exterior areas of the subject property.” Virtual inspections are insufficient to comply with our Form 1004 and other interior/exterior appraisal form requirements.

Appraisers are free to voluntarily deploy this technology as a means of augmenting the exterior-only (in combination with a drive by inspection from the street) and/or desktop appraisal flexibilities we announced for COVID-19. Appraisers must describe these as either “desktop” or “exterior”, as the case may be.

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

Related Articles

What are the requirements to use business assets?

Business Assets Business assets may be an acceptable source of funds for the down payment, closing costs, and financial reserves when a borrower...

Read more

What are the requirements when employment is scheduled to begin after the loan closes?

Employment Offers or ContractsIf the borrower is scheduled to begin employment under the terms of an employment offer or contract, the lender may deliver...

Read more

Are collection accounts and non-mortgage charge-offs required to be paid off?

Manually Underwritten LoansFor manually underwritten loans, collection accounts and charge-offs on non-mortgage accounts do not have to be paid off ...

Read more

Have guide questions? Get answers to all of your policy questions, straight from the source.

Get Started
X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.