Effective Date for Main Living Area Photographs in Appraisals

May 26, 2023

This past month on May 24 Fannie Mae released a communication with a reminder about the effective date for main living area photographs for appraisals.

Below is a transcript of the communication:

On March 1, 2023, we made a number of updates to the Selling Guide, including introducing value acceptance + property data, hybrid appraisals, and completion alternatives. In this update, we also provided additional details for appraisal report interior photograph requirements for the main living areas of the property to include the living room, family room, dining room, all bedrooms, and all finished and unfinished areas of the basement.

Appraisers may already be complying with these photograph requirements for the main living areas, and we encourage compliance immediately if not already doing so. However, we will require the full complement of main living area photographs for appraisals in loan applications dated on or after Sept. 1, 2023. See Selling Guide, B4-1.2-01, Appraisal Report Forms and Exhibits for the complete list of appraisal exhibits and photograph requirements.