Guide Update 25-03
:  Appraiser Independence
Effective:
Appraiser Independence (Redline).pdf

HIGHLIGHTS

By March 31, 2025, you must submit in DUS DocWay copies of your:

 

  • internal procedures;
  • organizational charts; and
  • other relevant evidence.

 

Effective for Mortgage Loans Committed as of March 31, 2025, you must:

 

  • comply with new Appraisal independence requirements; and
  • differentiate your
    • Lender Appraisal Functions, and
    • Lender Loan Origination Functions. 

 

Primary Changes

Updated Part II, Chapter 2: Valuation and Income, requiring you to:

  • Establish a: 
    • Lender Appraisal Function outlining
      • internal roles or job functions related to an Appraisal, and
      • employees or Outside Parties who perform or manage Appraisal job functions; and
    • Lender Loan Origination Function outlining
      • roles or job functions related to originating a Mortgage Loan, and
      • employees or Outside Parties who perform or manage Mortgage Loan origination job functions. 
  • Ensure your Lender Origination Function is separate if an in-house Appraiser is used. 
  • Comply with Appraiser independence requirements by: 
    • ensuring no Person influences the Appraisal process in any way; 
    • implementing internal procedures; and
    • ensuring any Outside Parties involved in your Lender Appraisal Functions do not also participate in your Lender Loan Origination Functions. 

 

Updated the Glossary, adding

  • Lender Appraisal Function, and
  • Lender Loan Origination Function. 

 

Superseded Publication

This publication supersedes Supplement 24-09: Appraiser Independence Requirements.

 

Questions

Please contact the Fannie Mae Deal Team with any questions.