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DELIVERING EFFECTIVE, EFFICIENT, AND IMPARTIAL HOME VALUATIONS ACROSS AMERICA

Empowering lenders to better serve their customers through a spectrum of options
that foster a more efficient, understandable, and impartial valuation system,
saving time and money in the origination process.




THE MODERN VALUATION SPECTRUM

Fannie Mae is on a journey of continuous improvement to make the home valuation
process more efficient and accurate. We're transitioning to a spectrum of
options to establish a property’s market value, with the option matching the
risk of the collateral and the loan transaction. The spectrum balances
traditional appraisals with appraisal alternatives.



See glossary of terms


LENDERS SEE CONSIDERABLE VALUE IN APPRAISAL MODERNIZATION

Appraisal modernization involves leveraging technologies, data, and analytics to
enhance the management of collateral risk, making the process more efficient for
lenders, borrowers, appraisers, and secondary-market investors…

Read the blog


THE JOURNEY TO A MORE EFFICIENT AND FAIR HOME VALUATION PROCESS

The method of establishing residential property values for mortgage lending
hasn't evolved much for several decades. Obtaining a traditional appraisal is
one of the most time-consuming and costly parts of getting a home loan, and, as
recent studies have shown...

Read the blog


READ MORE ABOUT IT:

 * Can Alternative or Hybrid Appraisals Create More Equal Valuations?
 * The Exchange: Overcoming Risk Management Obstacles
 * Tackling Appraisal Bias


RELATED RESOURCES

 

 

VALUE ACCEPTANCE (APPRAISAL WAIVERS)

Value acceptance (appraisal waivers), offered through Desktop Underwriter® (DU®)
and powered by Collateral Underwriter® (CU®), are offers to waive the appraisal
for eligible transactions.

Learn more

 

APPRAISERS

To help make prudent underwriting decisions, mortgage lenders rely on appraisers
to provide thorough, accurate, and objective appraisal reports for reliable
opinions of market value.

Learn more

 

COLLATERAL UNDERWRITER

Collateral Underwriter (CU) is a web-based application provided at no charge to
help lenders manage collateral risk as part of their underwriting and quality
control processes.

Learn more

 

UNIFORM APPRAISAL DATASET

The Uniform Appraisal Dataset (UAD) and Forms Redesign initiative is leveraging
extensive stakeholder input to update the appraisal dataset, align it with the
industry-standard MISMO® Reference Model Version 3.X, and overhaul the uniform
appraisal forms to establish a more flexible, dynamic structure for appraisal
reporting.

Learn more

 

GLOSSARY OF TERMS

Value acceptance (appraisal waiver)

Uses data and a modeling framework to confirm the validity of the value/sale
price. For purchases and refinances; especially well-suited for low-risk
refinances when the subject and market data is abundant.

Value acceptance + property data

Property data is collected by a trained and vetted third party (real estate
agent, insurance inspector, appraiser, etc.). Lender reviews data and warrants
property eligibility.

Property data collection (PDC)

Consists of a full interior and exterior inspection of the subject property. The
data collection can be performed by a trained and vetted third party.

Hybrid appraisal

Property data collected by a trained and vetted third party (real estate agent,
insurance inspector, appraiser, etc.) is passed to an appraiser to perform an
enhanced version of a desktop appraisal. For loans that do not qualify for value
acceptance or do not have reliable prior observations of the subject property.

Desktop appraisal

Appraiser completes the appraisal without physically inspecting the property,
using data from various sources (agents, homeowners, MLS, tax records, etc.).
Best suited for purchase transactions.

Traditional appraisal

Appraiser collects the property data and completes the market analysis required
for the appraisal. For complex property types or situations where data is
sparse.








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