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Appraisal Modernization

The Modern Valuation Spectrum

Fannie Mae is on a journey of continuous improvement to make the home valuation process more efficient and accurate. We are transitioning to a spectrum of options to establish a property’s market value, with the option matching the risk of the collateral and the loan transaction. The spectrum balances traditional appraisals with appraisal alternatives.

 

Exercising the Options

Value Acceptance
Data, model, and technology driven		 Value Determination                                                    
Appraisal driven

Exercising value acceptance + property data

A lender may only exercise value acceptance + property data and offer this option when:

  • the final submission of the loan case file to DU resulted in an eligibility message for value acceptance + property data;

  • property data collection is obtained after the initial DU offer;

  • property data collection is submitted to the Fannie Mae Property Data API prior to the note data;

  • an appraisal is not obtained for the transaction; and

  • the offer is not more than four months old on the date of the note and mortgage.

If the value acceptance + property data offer is withdrawn due to changes in qualifying loan characteristics after the property data was obtained, it may be possible in some cases for the lender to the submit the property data to an appraiser to perform a hybrid appraisal assignment. See Selling Guide B4-1.2-03, Hybrid Appraisals for specific requirements. Alternatively, the lender may obtain a desktop or traditional appraisal report as specified by DU.

Exercising Hybrid appraisal option

When exercising a hybrid appraisal, the lender must complete all of the following:

  • obtain a property data collection and successfully submit to the Fannie Mae Property Data API.
  • provide the property data collection to an appraiser for the completion of a hybrid appraisal based on property type using either Form 1004 Hybrid or Form 1073 Hybrid.
  • submit the hybrid appraisal to the Uniform Collateral Data Portal (UCDP).
  • perform an appraisal review in accordance with the Selling Guide.
  • deliver the loan with the hybrid appraisal to Fannie Mae.
     

Resources:

  1. Value Modernization
  2. Value Acceptance + Property Data Fact Sheet
  3. Lender Checklist
  4. Loan Delivery Job Aid Delivering a Loan Without an Appraisal

 

Loan Delivery Sort ID Loan Delivery Field Name in Loan Delivery

Value Acceptance

 

 Value Determination Appraisal Driven
Value Acceptance (Appraisal Waiver) Value Acceptance + Property Data
(non-High LTV Refinance) (High LTV Refinance) Hybrid Desktop Traditional
82 Appraisal Document File ID Not Required, leave blank Not Required, leave blank Not Required, leave blank Enter UCDP Doc File ID Enter UCDP Doc File ID Enter UCDP Doc File ID
83 Appraisal Amount
  1. For a purchase transaction, enter the sales price
  2. For a refinance transaction, enter the estimated value
 Enter the estimated value
  1. For a purchase transaction, enter the sales price
  2. For a refinance transaction, enter the estimated value
 Enter the value on the original appraisal Enter the value on the original appraisal Enter the value on the original appraisal
84 Appraisal Effective Date Not Required, leave blank Not Required, leave blank Not Required, leave blank Enter the date on the original appraisal Enter the date on the original appraisal Enter the date on the original appraisal
85 Property Valuation Form Not Required, leave blank Not Required, leave blank Not Required, leave blank

Enter appropriate appraisal type: 

  1. FNM 1004
  2. FNM 1073

Enter appropriate appraisal type:

  1. FNM 1004

Enter appropriate appraisal type:

  1. FNM 1004
  2. FNM 1004C
  3. FNM 1025
  4. FNM 1073
  5. FNM 2090
89 Appraisal Method Enter "None" Enter "None" Enter "None" Enter "Desktop Appraisal" Enter "Desktop Appraisal" Enter "Desktop Appraisal"
368 Investor Feature Code Enter "801" Enter "807" has been auto populated Enter "774" n/a n/a n/a
376 Investor Collateral Program Identifier Enter "Property Inspection Waiver" Enter "Property Inspection Waiver" Enter "Property Inspection Waiver" n/a n/a n/a
525 Appraiser's State License Number Not Required, leave blank Not Required, leave blank Not Required, leave blank Enter the appraiser's state license or cert no. Enter the appraiser's state license or cert no. Enter the appraiser's state license or cert no.
534 Supervisory Appraiser's State License Number Not Required, leave blank Not Required, leave blank Not Required, leave blank Enter the supervisory appraiser's state license or cert no. IF a supervisor signed the appraisal Enter the supervisory appraiser's state license or cert no. IF a supervisor signed the appraisal Enter the supervisory appraiser's state license or cert no. IF a supervisor signed the appraisal