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#1 Fannie Mae Selling Guide Page 1

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Fannie Mae Selling Guide · Selling Guide Announcement SEL-2025-07.pdf · Page 1 · View at official source (selling-guide.fanniemae.com) →

© 2025 Fannie Mae SEL-2025-07 Page 1 of 3 Selling Guide Announcement (SEL-2025-07) Sept. 3, 2025 The Selling Guide has been updated to include changes to the following: • Retirement of “appraisal waiver”: removing the term “appraisal waiver” from use alongside “value acceptance” in the Selling Guide • Rescission of reconsideration of value components: revises two requirements of the framework for a borrower- initiated reconsideration of value • Expansion of MH Advantage®: expanding eligibility requirements for manufactured homes • Establishing borrower ownership interest – life estates: clarifying borrower ownership interest in life estates View the list of impacted topics. Retirement of “Appraisal Waiver” To more accurately reflect the evolving role of our valuation solutions, the term “appraisal waiver” will no longer be used in conjunction with “value acceptance” in the Selling Guide. The legacy terminology no longer aligns with the product’s current function within the valuation spectrum. Furthermore, the continued use of dual terms creates confusion, undermines product promotion, and delays industry alignment around a unified term. As a result, the following updates were implemented: • instances where “appraisal waiver” appeared independently were revised to “value acceptance.” • where the term “value acceptance (appraisal waiver)” was used, the parenthetical reference was removed. These changes promote a more consistent and accurate message across the industry and reinforce our commitment to modernizing the valuation process. Effective: These changes will be implemented immediately. Rescission of reconsideration of value components We revised reconsideration of value (ROV) policy as follows: • We removed the requirement to provide an initial ROV disclosure at the time of loan application. The disclosure must be provided to the borrower along with delivery of the appraisal report. • We simplified documentation requirements to require only documentation related to the outcome (not initiation) of the ROV to be retained in the loan file. Selling Guide Supplement UAD 3.6 has also been updated to reflect these changes. Effective: Lenders may take advantage of these policy changes immediately.

#2 Fannie Mae Selling Guide Page 1

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Selling Guide Announcement (SEL-2023-02) March 1, 2023 The Selling Guide has been updated to include changes to the following: ▪ Valuation modernization: transitioning to a range…

Fannie Mae Selling Guide · Ann SEL-2023-02 Mar 01 SG Update.pdf · Page 1 · View at official source (selling-guide.fanniemae.com) →

Selling Guide Announcement (SEL-2023-02) March 1, 2023 The Selling Guide has been updated to include changes to the following: ▪ Valuation modernization: transitioning to a range of options to establish a property’s market value, with the option matching the risk of the collateral and loan transaction ▪ Sweat equity: providing additional guidance on the use of sweat equity and nonprofit program providers ▪ Lender quality control updates: revising timelines and expectations for both prefunding and post-closing quality control reviews ▪ Required use of Condo Project ManagerTM: requiring the use of CPMTM for projects where a Full Review is required ▪ Miscellaneous updates: o Maintaining seller/servicer eligibility o HomeStyle® Renovation indicator o Government loan guaranty or insurance View the list of impacted topics. Valuation modernization Valuation 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. Valuation modernization helps lenders, appraisers, and risk investors manage collateral risk more effectively, while also benefiting consumers via greater appraisal accuracy, lower costs, and increased speed of loan decisioning. We are on a journey of continuous improvement to make the home valuation process more efficient and accurate. As such, we are transitioning to a range 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. With this update, we are introducing the following: ▪ Value acceptance is being used in conjunction with the term “appraisal waiver” to better reflect the actual process of using data and technology to accept the lender-provided value. We are moving away from implying that an appraisal is a default requirement. (Note that we are using “value acceptance (appraisal waiver)” for a period of time and will eventually move to “value acceptance” after the market absorbs this change.) ▪ Value acceptance + property data is a new option that utilizes property data collection by a third party who conducts interior and exterior data collection on the subject property. To ensure consumer protections, the lender must verify and be able to demonstrate that data collectors are o vetted through an annual background check, o professionally trained, and o they possess the essential knowledge to competently perform the property data collection. The property data collection is used by the lender to confirm property eligibility, and an appraisal is

#3 Freddie Mac Seller/Servicer Guide Page 4

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Home Single-Family Division Multifamily Division Capital Markets Division Renters, Buyers and Owners Seller/Servicer Guide Guide Home Search the Guide View All Search The…

Freddie Mac Seller/Servicer Guide · Freddie_Mac_Guide_2026-06-25.txt · Page 4 · View at official source (guide.freddiemac.com) →

Home Single-Family Division Multifamily Division Capital Markets Division Renters, Buyers and Owners Seller/Servicer Guide Guide Home Search the Guide View All Search The Single-Family Seller Servicer Guide and Related Resources Search Glossary AllRegs Freddie Mac Income Calculator Featured Resources Browse Guide Recent Bulletins FAQs Upcoming Changes Archives Not Found We're sorry. That page is not available. Please check the URL and try again or return to the home page. ================================================================================ SECTION 4501.3 ================================================================================ This section contains requirements related to: Eligible property Appraisal requirements (a) Eligible property A Home Possible® Mortgage must be secured by a 1- to 4-unit Primary Residence. Home Possible Mortgages secured by Manufactured Homes must comply with all requirements of Chapter 5703 and this chapter. Mortgages secured by a CHOICEHome® Manufactured Home must comply with the requirements of Section 5703.12 and this chapter. Home Possible Mortgages may be secured by a Cooperative Unit if permitted under the Seller’s Purchase Documents and must comply with the requirements of Chapter 5705. (b) Appraisal requirements The Seller must obtain an appraisal that meets the property eligibility and appraisal requirements of Topic 5600 unless the Last Feedback Certificate includes an automated collateral evaluation (ACE) offer stating that the Mortgage is eligible for collateral representation and warranty relief with ACE or ACE+ PDR and the Seller has accepted the offer. Note: See Section 5602.3 for more information on ACE or Section 5602.4 for ACE+ PDR. ================================================================================ SECTION 4501.4 ================================================================================ This section contains requirements related to: Income limits Occupancy Ownership of other property (a) Income limits The Borrower’s qualifying income, converted to an annual basis, must not exceed 80% of the Area Median Income for the location of the Mortgaged Premises. To determine whether the Borrower’s income exceeds the income limits, the Seller must rely on the income used to qualify the Borrower. For Loan Product Advisor® Mortgages, Loan Product Advisor will determine the income eligibility of the Mortgage For Non-Loan Product Advisor Mortgages, the Seller must use the Home Possible® Income & Property Eligibility tool . The Seller may not use other published Area Median Income versions (such as those posted on https://www.huduser.gov/portal/home.html ) to determine Mortgage or product eligibility. (b) Occupancy (i) Occupancy requirement At least one Borrower must occupy the property secured by a Home Possible Mortgage as their Primary Residence. (ii) Requirements for Mortgages with non-occupying Borrowers Non-occupying Borrowers are permitted, provided that: The Mortgage is secured by a

#4 Freddie Mac Seller/Servicer Guide Page 30

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reserves required to be verified reflected on the Feedback Certificate (iii) Loan amount changes on refinance Mortgages (A) Loan amount decreases The loan amount decreases by no…

Freddie Mac Seller/Servicer Guide · Freddie_Mac_Guide_2026-06-25.txt · Page 30 · View at official source (guide.freddiemac.com) →

reserves required to be verified reflected on the Feedback Certificate (iii) Loan amount changes on refinance Mortgages (A) Loan amount decreases The loan amount decreases by no more than 5% on a refinance Mortgage and at the time of the most recent Loan Product Advisor submission mortgage insurance is not required on the Mortgage OR The loan amount decreases by no more than 5% on a refinance Mortgage, at the time of the most recent Loan Product Advisor submission mortgage insurance on the Mortgage is required, and: The change does not impact the amount of the mortgage insurance coverage, and The amount of the mortgage insurance premium collected by the Seller is based on the new loan amount and the Seller obtains a new mortgage insurance certificate Exception: When the loan amount decreased and the Mortgage qualified for automated collateral evaluation (ACE) or ACE+ PDR, the Seller must resubmit to Loan Product Advisor if the ACE or ACE+ PDR offer was accepted. (B) Loan amount increases The loan amount increases by no more than $500 or up to 1% of the loan amount, whichever is less, and based on the new loan amount mortgage insurance is not required on the Mortgage OR The loan amount increases by no more than $500 or up to 1% of the loan amount, whichever is less, and based on the new loan amount mortgage insurance on the Mortgage is required, and: The change does not impact the amount of the mortgage insurance coverage, and The amount of the mortgage insurance premium collected by the Seller is based on the new loan amount and the Seller obtains a new mortgage insurance certificate Exception: When the loan amount increased and the Mortgage qualified for ACE or ACE+ PDR, the Seller must resubmit to Loan Product Advisor if the ACE or ACE+ PDR offer was accepted. (iv) Interest rate reduction Freddie Mac does not require resubmission to Loan Product Advisor for Seller-Owned Modified Mortgages that are Home Possible Mortgages modified for the purpose of a reduction in interest rate of the First Lien Mortgage (see Section 4402.4(c)). (v) Construction to Permanent Mortgages and Renovation Mortgages Refer to Section 4602.2 for additional changes not requiring resubmission to Loan Product Advisor for Construction to Permanent Mortgages and Renovation Mortgages. (c) Resubmission to Loan Product Advisor after the Note Date If the Seller determines after the Note Date that the

#5 UAD 3.6 / URAR (FNMA) Page 341

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Certifications and Scope of Work Appendix F-1: URAR Reference Guide Page 341 of 375 Version 1.3 Statement of Assumptions and Limiting Conditions The Statement of Assumptions and…

UAD 3.6 / URAR (FNMA) · Appendix F-1 URAR Reference Guide v1.3.pdf · Page 341 · View at official source (fanniemae.com/uad) →

Certifications and Scope of Work Appendix F-1: URAR Reference Guide Page 341 of 375 Version 1.3 Statement of Assumptions and Limiting Conditions The Statement of Assumptions and Limiting Conditions subsection always displays. Statement of Assumptions and Limiting Conditions Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 29.019 The FHA appraiser .... Predefined text that displays when Government Agency Appraisal Type 2.008 is FHA Appraiser Certifications The Appraiser Certifications subsection always displays. Cert 10 (Subject Property Inspection by Appraiser) The appraiser must identify the extent of their inspection scope of work, which determines which of three predefined versions of Cert 10 displays. Appraiser Certifications: Cert 10 (Subject Property Inspection by Appraiser) Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 29.030 This is an appraiser input that does not display Always required Choose an allowable answer from the Definition / Additional Guidance column Appraiser Subject Property Inspection The inspection attestation included by the appraiser in the valuation certifications for the assignment. Determines which predefined version of Cert 10 displays. • Interior and Exterior • Exterior • No Inspection 29.030 I personally performed an onsite ... Predefined text that displays when Appraiser Subject Property Inspection is Interior and Exterior

#6 Texas Appraiser Licensing Law (TALCB — Occ. Code Ch. 1103/1104, TAC Title 22) Page 44

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USPAP Update course or 7-Hour National USPAP Continuing Education course, the provider must: be approved by the Board as an ACE provider; file an application using a process…

Texas Appraiser Licensing Law (TALCB — Occ. Code Ch. 1103/1104, TAC Title 22) · TALCB_Rules_TAC_Title22.txt · Page 44

USPAP Update course or 7-Hour National USPAP Continuing Education course, the provider must: be approved by the Board as an ACE provider; file an application using a process acceptable to the Board, with all required documentation; submit written documentation to the Board demonstrating that the course and instructor are currently approved by the AQB; pay the course approval fee required by §153.5 of this title; use the current version of the USPAP; and ensure each student has access to his or her own electronic or paper copy of the current version of USPAP. Approved ACE providers of the 7-Hour National USPAP Update course or 7-Hour National USPAP Continuing Education course may include up to one additional classroom credit hour of supplemental Texas specific information. This may include topics such as the Act, Board rules, processes and procedures, enforcement issues or other topics deemed appropriate by the Board. Application for ACE course approval for a presentation by current Board members or staff. As authorized by law, current members of the Board and Board staff may teach or guest lecture as part of an approved ACE course. To obtain ACE course approval for a presentation by a Board member or staff, the provider must: file an application using a process acceptable to the Board, with all required documentation; and pay the fees required by §153.5 of this title. Responsibilities and Operations of ACE providers. ACE course examinations or course mechanism to demonstrate knowledge of the subject matter: are required for ACE distance education courses; and must comply with AQB requirements. Course evaluations. A provider shall provide each student enrolled in an ACE course a course evaluation form approved by the Board and a link to an online version of the evaluation form that a student may complete and submit to the provider after course completion. Course completion rosters. Classroom courses. Upon successful completion of an ACE classroom course, a provider shall submit to the Board a course completion roster in a format approved by the Board no later than the 10th day after the date a course is completed. The roster shall include: the provider's name and license number; the instructor's name; the course title; the course approval number; the number of credit hours; the date of issuance; and the date the student started and completed the course. Distance education courses. A provider shall maintain a Distance Education Reporting Form and submit

#7 Texas Appraiser Licensing Law (TALCB — Occ. Code Ch. 1103/1104, TAC Title 22) Page 45

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include: the provider's name and license number; the instructor's name; the course title; the course approval number; the number of credit hours; the date of issuance; and the…

Texas Appraiser Licensing Law (TALCB — Occ. Code Ch. 1103/1104, TAC Title 22) · TALCB_Rules_TAC_Title22.txt · Page 45

include: the provider's name and license number; the instructor's name; the course title; the course approval number; the number of credit hours; the date of issuance; and the date the student started and completed the course. Distance education courses. A provider shall maintain a Distance Education Reporting Form and submit information contained in that form using a process acceptable to the Board for each student completing the course not earlier than the number of hours for course credit after a student starts the course and not later than the 10th day after the student completes the course. An ACE provider may withhold any official course completion documentation required by this subsection from a student until the student has fulfilled all financial obligations to the provider. Security and Maintenance of Records. An ACE provider shall maintain: adequate security against forgery for official completion documentation required by this subsection; records of each student enrolled in a course for a minimum of four years following completion of the course, including course and instructor evaluations and student enrollment agreements; and any comments made by the provider's management relevant to instructor or course evaluations with the provider's records. All records may be maintained electronically but must be in a common format that is legible and easily printed or viewed without additional manipulation or special software. Upon request, an ACE provider shall produce instructor and course evaluation forms for inspection by Board staff. Changes in Ownership or Operation of an approved ACE provider. An approved ACE provider shall notify the Board within 30 days of any material change in the operation of the provider, including but not limited to changes in: ownership; management; and the location of main office and any other locations where courses are offered. An approved provider shall submit notice of a change in ownership using a process acceptable to the Board for each new owner who would holds at least a 10% interest in the provider. Non-compliance. If the Board determines that an ACE course or provider no longer complies with the requirements for approval, the Board may suspend or revoke approval for the ACE course or provider. Proceedings to suspend or revoke approval of an ACE course or provider shall be conducted in accordance with §153.41 of this title. return to top §153.41 ACE Providers: Compliance and Enforcement Audits. Board staff may: conduct on-site audits without prior notice to a provider;

#8 UAD 3.6 / URAR (FNMA) Page 342

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Certifications and Scope of Work Appendix F-1: URAR Reference Guide Page 342 of 375 Version 1.3 Appraiser Certifications: Cert 10 (Subject Property Inspection by Appraiser) Report…

UAD 3.6 / URAR (FNMA) · Appendix F-1 URAR Reference Guide v1.3.pdf · Page 342 · View at official source (fanniemae.com/uad) →

Certifications and Scope of Work Appendix F-1: URAR Reference Guide Page 342 of 375 Version 1.3 Appraiser Certifications: Cert 10 (Subject Property Inspection by Appraiser) Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 29.030 I personally performed an inspection of the exterior areas ... Predefined text that displays when Appraiser Subject Property Inspection is Exterior 29.030 I did not personally perform an onsite ... Predefined text that displays when Appraiser Subject Property Inspection is No Inspection Cert 21 (Significant Real Property Appraisal Assistance) The predefined text for Cert 21 varies depending on whether there is significant real property appraisal assistance, as displayed in the Significant Real Property Appraisal Assistance subsection of Assignment Information (2.047-2.052). Example of Significant Real Property Appraisal Assistance Appraiser Certifications: Cert 21 (Significant Real Property Appraisal Assistance) Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 29.041 ... No one provided significant real property ... Predefined text that displays when there is no significant real property appraisal assistance 29.041 ... [Contact Name(s)] provided significant real property ... Predefined text that displays when there is significant real property appraisal assistance 29.042 ... [Contact Name(s)] provided significant real property ... Predefined text that displays when there is no significant real property appraisal assistance Free-form Contact Name(s) The name(s) of the person(s) who provided significant real property appraisal assistance. Redisplays from 2.047.

Chief Appraiser Says Reading the actual guideline text below — never a general AI guess

# What "Appraisal Waiver" Actually Means Here's what we found: Fannie Mae just retired the term "appraisal waiver" entirely as of September 2025 because it was causing confusion in the industry. What used to be called an "appraisal waiver" is now simply called "value acceptance"—they're the same thing, just with clearer naming. The old terminology didn't accurately describe what the product actually does in the valuation process anymore. So if you hear someone talking about waiving an appraisal requirement, they're really talking about a situation where a lender accepts a property value without ordering a traditional appraisal report. Straight from Fannie Mae Selling Guide (SEL-2025-07) — nothing added.

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