Major Change to Fannie Mae Selling Guide
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Major Change in Fannie Mae’s Selling Guide
Appraisers and report reviewers,
Fannie Mae issued an update to their Selling Guide on 12/16/14. It contains this pretty major change to their guidelines:
Adjustments to Comparable Sales
As a result of an analysis of Uniform Appraisal Dataset data specific to comparable adjustments, Fannie Mae has eliminated the 15% net and 25% gross adjustment guidelines and has provided clarification with respect to Fannie Mae’s expectations for the appraiser to analyze the market for competitive properties and provide appropriate market based adjustments without regard to limits on the size of the adjustments.
Updated Selling Guide Topic
- B4-1.3-09, Adjustments to Comparable Sales (Analysis of Adjustments)
This change is effective immediately.
The link to the specific location in the Selling Guide:
The link to the update notice:
Appraisers / reviewers note
This change is from Fannie Mae ONLY and applies to appraisals used to support their purchase of the mortgage loan. FreddieMac, FHA, VA, USDA may still have guidelines for the 15% & 25% adjustments. And of course those % figures show up on the report form, unless you disable that option when printing (in alamode)… probably not recommended if you don’t know which GSE will guarantee the loan.
Also in this update: info on how to account for different types of solar systems on a home. Read the notice below.