Fannie Mae issued Selling Guide Announcement SEL-2024-06 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae updated appraisal policies as follows:
- Refined terminology by:
- Removing the term “employment stability,”
- Adding the term “fact-based and objective,” and
- Replacing the term “judgment” with “analysis.”
- Added a requirement for lenders to establish policies and procedures to monitor appraisals for prohibited language to mitigate the risk of discriminatory practices and appraisal bias; and
- Provided a hyperlink to the topic on unacceptable appraisal practices for multiple sections of the Selling Guide (when the topic of unacceptable appraisal practices is relevant).
Revisions related to the appraisal practices policies are effective for loans with application dates on and after December 3, 2024.
Click to view the Fannie Mae Selling Guide Announcement SEL-2024-06: https://www.tenaco.com/wp-content/uploads/2024/09/Fannie-Mae-Selling-Guide-Announcement-SEL-2024-06-09-04-24.pdf
