In January 2013, Fannie Mae introduced their proprietary appraisal messages in the UCDP® (Uniform Collateral Data Portal). These messages have helped lenders detect data inconsistencies and improve appraisal data.
Beginning in December 2014, Fannie Mae will begin to retire a number of their proprietary appraisal messages. Then, in January 2015, Fannie Mae will elevate the severity level for 21 of their proprietary appraisal messages relating to eligibility violations. The severity level for these messages will change from a warning message that is automatically overridden to a hard stop that will require a manual override or submission of a corrected appraisal.
a la mode's formfiller, TOTAL, will be in compliance with these hard stops. However, because some of the new hard stops rely on data that is only available to Fannie Mae, TOTAL won't be able to implement rules for all of them. For example, one of the new hard stops is triggered if the subject property is possibly a hotel or motel. Because the program doesn't have access to this information, it is unable to properly trigger or suppress this hard stop.
Of the 21 new hard stops being introduced by Fannie Mae, the following will not be implemented in TOTAL:
Message ID | Message Text | Applicable Forms |
|---|---|---|
FNM0096 | Illegal zoning compliance has been indicated in appraisal. Review description to verify if the property may be eligible per the Selling Guide. | 1004/2055 |
FNM0101 | The subject property may be a hotel/motel or condo hotel. | 1004/2055, 1073/1075 |
FNM0102 | The subject property is in a condominium project that may be ineligible for delivery to Fannie Mae. | 1004/2055, 1073/1075 |
FNM0174 | The project name suggests that the property may be a condo hotel. Verify the subject is located in a project that meets Fannie Mae's Selling Guide requirements. | 1073/1075 |
FNM0176 | The appraisal indicates that the subject property has legal nonconforming zoning and cannot be rebuilt to the current density. This data indicates that the property is ineligible for delivery to Fannie Mae. | 1073/1075 |
FNM0179 | The appraisal indicates the subject property has a C6 condition rating. If the loan is not a DU Refi Plus or Refi Plus loan, the property is not eligible for delivery to Fannie Mae. | 1004/2055, 1073/1075 |
FNM0193 | Based on the overall quality of this appraiser's work, Fannie Mae has decided to review 100% of the appraisals prepared by this appraiser for any loans delivered to Fannie Mae. | 1004/2055, 1073/1075 |
FNM0194 | Based on the overall quality of this supervisory appraiser's work, Fannie Mae has decided to review 100% of the appraisals prepared by this appraiser for any loans delivered to Fannie Mae. | 1004/2055, 1073/1075 |
FNM0195 | Fannie Mae will not accept appraisals from this appraiser. | 1004/2055, 1073/1075 |
FNM0196 | Fannie Mae will not accept appraisals from this supervisory appraiser. | 1004/2055, 1073/1075 |