Fannie Mae Selling Guide B4-1.3-01 — Review of the Appraisal Report

fnma-sel-b4-1-3-01

Fannie Mae Selling Guide B4-1.3-01 — Review of the Appraisal Report.

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      paragraph_quote: 'B4-1.3-01, Review of the Appraisal Report (06/04/2025) Introduction This topic contains information on reviewing the appraisal report, including: Overview Appraisal Report Analysis Uniform Appraisal Dataset (UAD) 3.6 Policy Overview Fannie Mae’s appraisal report forms and the appraisal review requirements for one- to four-unit properties have been developed with the intent that the USPAP standards are followed and that Fannie Mae’s policies are supportive of fair lending practices. This topic provides lender requirements related to the transaction details and the property and appraisal eligibility analysis. Appraisal Report Analysis When an appraisal is obtained, the lender must analyze the current contract for sale for purchase money transactions, current oﬀering or listing for sale for both purchase and reﬁnance transactions when the home was listed for sale, comparable sales for both purchase and reﬁnance transactions, and current ownership for the subject property (see B4-1.1-02, Lender Responsibilities, for further information). The lender is responsible for validating that the property meets Fannie Mae’s eligibility criteria (see B2-3-01, General Property Eligibility, for eligibility requirements); the appraiser has provided an accurate and reliable opinion of value that reﬂects the market value, condition, and marketability of the subject property in compliance with Fannie Mae’s Selling Guide requirements. (See B4-1.3-12, Appraisal Quality Matters, for further information); and the appraisal conforms with B4-1.1-04, Unacceptable Appraisal Practices. Uniform Appraisal Dataset (UAD) 3.6 Policy Lenders using UAD 3.6 must follow the requirements in the UAD 3.6 Policy Supplement. Recent Related Announcements The table below provides references to recently issued Announcements that are related to this topic. Published May 6, 2026 552 Announcements Issue Date Announcement SEL-2025-04 June 04, 2025 Announcement SEL-2024-06 September 04, 2024'

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Verbatim provisions from Fannie Mae Selling Guide B4-1.3-01 — Review of the Appraisal Report — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Fannie Mae Selling Guide B4-1.3-01 — Review of the Appraisal Report

B4-1.3-01, Review of the Appraisal Report (06/04/2025) Introduction This topic contains information on reviewing the appraisal report, including: Overview Appraisal Report Analysis Uniform Appraisal Dataset (UAD) 3.6 Policy Overview Fannie Mae’s appraisal report forms and the appraisal review requirements for one- to four-unit properties have been developed with the intent that the USPAP standards are followed and that Fannie Mae’s policies are supportive of fair lending practices. This topic provides lender requirements related to the transaction details and the property and appraisal eligibility analysis. Appraisal Report Analysis When an appraisal is obtained, the lender must analyze the current contract for sale for purchase money transactions, current oﬀering or listing for sale for both purchase and reﬁnance transactions when the home was listed for sale, comparable sales for both purchase and reﬁnance transactions, and current ownership for the subject property (see B4-1.1-02, Lender Responsibilities, for further information). The lender is responsible for validating that the property meets Fannie Mae’s eligibility criteria (see B2-3-01, General Property Eligibility, for eligibility requirements); the appraiser has provided an accurate and reliable opinion of value that reﬂects the market value, condition, and marketability of the subject property in compliance with Fannie Mae’s Selling Guide requirements. (See B4-1.3-12, Appraisal Quality Matters, for further information); and the appraisal conforms with B4-1.1-04, Unacceptable Appraisal Practices. Uniform Appraisal Dataset (UAD) 3.6 Policy Lenders using UAD 3.6 must follow the requirements in the UAD 3.6 Policy Supplement. Recent Related Announcements The table below provides references to recently issued Announcements that are related to this topic. Published May 6, 2026 552 Announcements Issue Date Announcement SEL-2025-04 June 04, 2025 Announcement SEL-2024-06 September 04, 2024

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