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GSEs Extend COVID-19 Temporary Flexibilities

On May 5, 2020, Fannie Mae announced that the temporary appraisal flexibilities that were outlined in Lender Letter 2020-04 (LL-2020-04) have been extended until June 30, 2020. The revised Lender Letter can be found here. Freddie Mac made a similar announcement, also extending their…

Single family new construction home in a suburban neighborhood

Understanding UAD Quality Ratings

Ever since Fannie Mae and Freddie Mac (the GSEs) created the Uniform Appraisal Dataset (UAD) several years ago, real estate appraisers must rate building quality on a standardized scale from Q1 (best) to Q6 (worst). If you are performing appraisals for the intended use…

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Fannie Mae on Impact of COVID-19

In response to the COVID-19 crisis, Fannie Mae has posted Lender Letter 2020-04 (LL-2020-04), which permits temporary revisions to GSE appraisal requirements in this time of national emergency. This Lender Letter can be found here. Fannie Mae and Freddie Mac have been working together…

How to Avoid UAD Hard Stops

How to Avoid UAD Hard Stops

Hard stops are data “errors” that cannot be overridden by the lender. When the UAD and the UMDP were first implemented, lenders were allowed to override errors that would pop up when they did their check of the report. Eventually, Fannie Mae and Freddie…

Fannie Mae Freddie Mac 1094 selling guide

Freddie Mac Officially Eliminates 1004MC Requirement

On August 29, Freddie Mac released Bulletin 2018-13 which officially confirmed what almost everyone had already suspected—they are following Fannie Mae’s lead in eliminating the requirement for appraisers to include the 1004MC (Freddie Mac Form 71) as an attachment to appraisal reports.   In…

Fannie Mae Freddie Mac 1094 selling guide

Fannie Mae to Drop 1004MC Requirement

At an industry conference on July 29, 2018, a Fannie Mae spokesperson announced that Fannie would be making revisions to its Selling Guide, effective in August 2018. Perhaps the most significant planned revision will be the elimination of the requirement for appraisers to include…

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