Reviewing Appraisals | Fannie Mae Multifamily Guide

Guide Update 25-22

: Reviewing Appraisals

Effective: 11/04/25

Associated Documents:

Summary of Changes:

Primary Audience: Underwriting

HIGHLIGHTS
Effective for newly ordered Appraisals as of November 4, 2025, updated Part II, Chapter 2: Valuation and Income for: your Appraisal review; and Base Assumption Refinance Interest Rate parameters.

HIGHLIGHTS

Effective for newly ordered Appraisals as of November 4, 2025, updated Part II, Chapter 2: Valuation and Income for:

Primary Changes

Updated Part II, Chapter 2: Valuation and Income:

Section 202.02F: Lender Appraisal Review, requiring your Appraisal review to include a statement describing how the PCA conclusions impacted your determination of the Underwriting Value; and
Section 204.01: Base Assumptions, revising the guidance to consider a Refinance Interest Rate at least 2.00% greater than the Gross Note Rate.

Questions

Please contact the Fannie Mae Deal Team with any questions.