Selling Guide

Published April 07, 2021

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When may a lender exercise an appraisal waiver?

Exercising An Appraisal Waiver

A lender may only exercise the appraisal waiver if:

  • the final submission of the loan casefile to DU resulted in an appraisal waiver offer, 
  • an appraisal is not obtained for the transaction, and 
  • the appraisal waiver offer is not more than four months old on the date of the note and the mortgage. 

Lenders that elect to exercise the appraisal waiver must include SFC 801 at delivery. Lenders may not adversely select against Fannie Mae in determining which appraisal waiver offers to accept. Fannie Mae may monitor the lender’s exercise of the appraisal waiver offers and delivery of loans to Fannie Mae, and may take appropriate measures if adverse selection is identified. 

For more information, see B4-1.4-10, Appraisal Waivers.

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