FNMA issued Selling Guide Announcement SEL-2021-04 (Announcement), updating QC collateral risk assessment requirements. Currently, a lender is required to obtain an appraisal field review for 10% of the loans selected for QC review in the random sample, and a desk review is required for the remaining 90% of the sample. The new policy replaces the current appraisal QC requirements with a new collateral risk assessment for all loans selected for a QC review in the random sample. If the lender is unable to complete an adequate assessment or appropriately determine the quality of the origination appraisal, it may order either a desk review or field review from a licensed appraiser. FNMA also introduced a new, optional Post-Closing QC Collateral Risk Assessment Analysis review framework and checklist to assist lenders in performing the required post-closing appraisal review. The updated requirements are effective immediately.
Click to view the Fannie Mae Selling Guide Announcement SEL-20201-04: https://www.tenaco.com/wp-content/uploads/2021/05/Fannie-Mae-Selling-Guide-Announcement-SEL-2021-04-05-05-21.pdf
