Fannie Mae Adjusts Comparable Sales Guidelines, Solar Policy
Fannie Mae released on Dec. 16 its updated Selling Guide for single-family homes, which includes an adjustment to comparable sales that eliminated the 15 percent net and 25 percent gross adjustment guidelines. It also clarified its policy on the valuation of homes with solar panels.
Under the new comparable sales guidelines, Fannie provides clarification with respect to its expectations for appraisers to analyze the market for competitive properties and provide appropriate market-based adjustments without regard to limits on the size of the adjustments.
Under the new solar panel guidelines, Fannie will treat owned systems under standard eligibility requirements and prohibit leased systems from being considered within the appraisal.
The changes for both policies are effective immediately.
The Selling Guide also includes changes to the following categories:
•Servicing Execution Tool
•Flood Insurance for Nonresidential Detached Structures
•Cure Provision for Points and Fees
•Payment Calculation for Student Loans
•Nonstandard Repayment Plans
•ARM Plan Update
•Incorporation of Selling Guide Announcement SEL-2014-14, Lender Selling Representations and
•Warranties Framework Update