The Appraisal Blog

FNMA has updated their selling guide which dictates the procedures lenders need to follow in order to have their loans purchased by FNMA.  Part of the guide deals with valuation ... or appraisal.  In the latest itternation they are expanding the use of "appraisal waivers" ... no called Value Acceptance.

Basically this means that no appraisal will be necessary on certain products based on certain criteria.  Typically those criteria would include borrowers with high credit scores, (non-appraisal) valuations with high levels of confidence, and loans with low LTV's.

How many loans this will actually affect is to be determined.  However, the whole purpose of the independent appraisal is to verify that the collateral that is being used is secure the loan is accurately valued.  This seems, once again, like risky behavior.



https://singlefamily.fanniemae.com/news-events/announcement-sel-2023-02-selling-guide-updates