Fannie Mae’s post-purchase reviews of mortgage loan files have identified issues with appraisals. As a result of those reviews, new policy requirements and clarifications concerning existing lender requirements are being added to a number of appraisal sections of the Selling Guide, including:

• Inclusion of interior photographs in the appraisal report 
• Lender changes to the appraised value and guidance on addressing appraisal deficiencies 
• Appraiser selection criteria 
• Sources of comparable market data 
• Selection of comparable sales 
• Communication under the HVCC 
• Seller concessions 
• Treatment of personal property 
• Market Conditions Addendum to the Appraisal Report (Form 1004MC) 

Fannie Mae is requiring that interior photographs of specific rooms and areas be included in appraisal reports whenever an interior inspection is performed. 

 The minimum requirements for the interior photographs are described in the topic noted below. 

Updated Selling Guide Topic B4-1.2-06, Appraisal Forms and Report Exhibits 

Download Fannie SEL 2010-09 06.30.2010 released on June 30, 2010 requires that on all interior appraisals contain at a minimum the following photos:

• kitchen(s); 
• all bathrooms; 
• main living area; 
• examples of physical deterioration, if present; and 
• examples of recent updates, such as restoration, remodeling, and renovation, if present

Updated Selling Guide Topic B4-1.2-06, Appraisal Forms and Report Exhibits