Fannie Continues Discussion of Appraisal Modernization Efforts; Addresses Top Questions

Fannie Continues Discussion of Appraisal Modernization Efforts; Addresses Top QuestionsIn it’s most recent “Appraiser Update” newsletter, Fannie Mae continued its discussion of the GSEs’ ongoing appraisal modernization efforts, which includes impending updates to the Uniform Appraisal Dataset (UAD) and redesigned appraisal forms.

Back in March, Fannie announced that it had begun testing new processes and technologies in the collateral risk management space in collaboration with Freddie Mac. The announcement also included some basic information regarding this joint modernization initiative, property data collection, desktop appraisals (and form 1004P), as well as scope of work and USPAP.

To help further refine their plans for updating the dataset and forms, the GSEs completed a survey with appraisal industry stakeholders this past May – receiving feedback from over 3,000 respondents. In addition to providing insight, many of these responses also included questions for the enterprises.

Because of this, Fannie Mae decided to provide answers for some of the top questions it received within its current “Appraiser Update” newsletter, which can be accessed here.

For the latest information as it becomes available, including newsletters, announcements, etc., please reference Fannie’s “Appraisers” webpage.


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Topics: Freddie MAC, GSE, Fannie Mae, Lenders, collateral management, AMCs, Mortgage Companies, Compliance, UAD, appraisal forms, Credit Union