Effective April 1st, Fannie Mae will require appraisers to use the ANSI® Z765-2021 method for calculating square footage on loans sold to the GSE. This update will standardize the method used to measure, calculate, and report gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections.
Fannie Mae’s does not currently require the use of a specific measurement standard. However, the update intends to create alignment across market participants, provide a defensible method for the appraiser, and bolster the quality of measurement data within the appraisal report.
To read the updated guidance from Fannie Mae, click here