by Jonathan Foxx

Jonathan Foxx, former Chief Compliance Officer of two publicly traded financial institutions, is the President and Managing Director of Lenders Compliance Group.

On June 30, 2010, Fannie Mae issued additional guidance on appraisal-related policies, along with a number of other miscellaneous changes to its Selling Guide - Fannie Mae Single Family. Fannie’s new policy requirements and clarifications concerning existing lender requirements are being added to a number of appraisal sections of the Selling Guide, with respect to post-purchase reviews of mortgage loan files.

Policies and Clarifications

• 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)

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