Selling Guide

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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B4-1.3-01, Review of the Appraisal Report (10/31/2017)

Introduction

This topic contains information on reviewing the appraisal report, including:

 

Overview

Fannie Mae’s appraisal report forms and the appraisal review requirements for one- to four-unit properties have been developed with the intent that the USPAP standards are followed and that Fannie Mae’s policies are supportive of fair lending practices. This topic provides lender requirements related to the transaction details and the property and appraisal eligibility analysis.

 

Appraisal Report Analysis

When an appraisal is obtained, the lender must analyze the

  • current contract for sale for purchase money transactions,

  • current offering or listing for sale for both purchase and refinance transactions when the home was listed for sale,

  • comparable sales for both purchase and refinance transactions, and

  • current ownership for the subject property (see B4-1.1-02, Lender Responsibilities, for further information).

The lender is responsible for validating that

  • the property meets Fannie Mae’s eligibility criteria (see B2-3-01, General Property Eligibility, for eligibility requirements); and

  • the appraiser has provided an accurate and reliable opinion of value that reflects the market value, condition, and marketability of the subject property in compliance with Fannie Mae’s Selling Guide requirements. (See B4-1.3-12, Quality Assurance, for further information).

Related Articles

B4-1.3-02, Subject and Contract Sections of the Appraisal Report (04/15/2014)

IntroductionThis topic contains information on reviewing the Subject and Contract sections of the appraisal report form, including: Subject Section ...

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B4-1.3-03, Neighborhood Section of the Appraisal Report (08/07/2018)

IntroductionThis topic contains information on reviewing the Neighborhood section of the appraisal report form, including: Overview  Neighborhood...

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B4-1.3-04, Site Section of the Appraisal Report (06/05/2018)

IntroductionThis topic contains information on reviewing the Site section of the appraisal report form, including: Overview  Site Analysis ...

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B4-1.3-05, Improvements Section of the Appraisal Report (10/24/2016)

IntroductionThis topic contains information on reviewing the Improvements section of the appraisal report form, including: Overview  Conformity of...

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B4-1.3-06, Property Condition and Quality of Construction of the Improvements (04/15/2014)

IntroductionThis topic contains information on property condition and quality of construction, including: Appraiser Selection of Condition, Quality, and...

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B4-1.3-07, Sales Comparison Approach Section of the Appraisal Report (04/15/2014)

IntroductionThis topic contains information on reviewing the Sales Comparison Approach section of the appraisal report form, including: Overview ...

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B4-1.3-08, Comparable Sales (10/02/2018)

IntroductionThis topic contains information on selection of comparable sales, including: Selection of Comparable Sales  Minimum Number of Comparable...

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B4-1.3-09, Adjustments to Comparable Sales (01/31/2017)

IntroductionThis topic contains details on selected adjustments to the comparable sales, including: Analysis of Adjustments  Sales or Financing...

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B4-1.3-10, Cost and Income Approach to Value (04/15/2014)

IntroductionThis topic contains information on reviewing the cost approach and the income approach, including: Cost Approach to Value  Income...

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B4-1.3-11, Valuation Analysis and Reconciliation (04/15/2014)

IntroductionThis topic contains information on reviewing the valuation analysis and final reconciliation, including: Overview  Reconciliation ...

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B4-1.3-12, Quality Assurance (01/30/2018)

IntroductionThis topic contains information on changes to the appraised value, appraisal deficiencies, and quality assurance, including: Changes to the...

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