New Fannie Appraiser Changes Met with Approval
The Appraisal Institute (AI) approves of the new changes in Fannie Mae guidelines regarding the use of residential appraisers. The requirement includes refraining from using inexperienced or incompetent appraisers, that lenders explain any changes made to an appraised value, and that Fannie will provide further guidance on how to determine comparable sales.
AI’s Government Relations Committee Chair Richard Maloy told American Banker that Fannie is “saying the lender is held responsible for the appraiser’s selection even if they were selected by an AMC,” according to the AI blog.
Read the blog here.
Read the American Banker story here. (Subscription required.)