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Fannie Mae updates appraisal requirements
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Wednesday, April 23, 2014
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Fannie Mae has announced changes to the appraisal requirements in its Selling Guide for the mortgages it purchases or securitizes. The changes, which became effective April 15, were made after Fannie’s comprehensive review of its existing policies.
One of the changes now requires appraisers to take a photograph of the front of the subject property when completing the appraisal update portion of the Appraisal Update and/or Completion Report (Form 1004D). The requirement was mandated to ensure the appraiser at least inspected the exterior of the property when performing the appraisal update.
Additionally, Fannie now allows origination appraisals to be used for a subsequent transaction under the following circumstances:
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