Fannie Mae Issues Selling Guide Announcement Updating Appraisal Independence Requirements

Earlier this month, Fannie Mae’s Seller Guide Announcement SEL-2023-07 made updates to the Appraiser Independence Requirements (AIR) made in conjunction with Freddie Mac. 

The Announcement included, among other things:

• Updating AIR to clarify that mortgage brokers, loan originators, loan officers and production staff constituted “restricted parties” and may not order appraisals, or be involved in the collateral valuation process;
• Improved organization and readability of the appraisal independence section of the Selling Guide; and
• The Announcement also introduced the new Property Data Collector Independence Requirements (PDCIR) to address independence requirements similar to AIR and effective for loans applied for on and after November 1, 2023.  All other changes are effective as of August 2, 2023. 

Fannie Mae’s Announcement may be found here.