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Fannie Mae to be reported as basement area. • The standard does not allow openings to the floor below, e.g., two-story foyers, to be included in the reported square footage. • All finished areas included in GLA must have a ceiling height of at least 7’. In a room with a sloping ceiling, at least 50% of the finished
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Sign up now! This summary is intended for reference only. All criteria are subject to the formal terms and conditions of the Fannie Mae Selling Guide. In the event of any conflict with this document, the Selling Guide will govern.
Fannie Mae and Freddie Mac recently collaborated to update the Appraiser Independence Requirements (AIR). We also introduced new Property Data Collector Independence Requirements (PDCIR). These requirements are designed to protect the integrity of mortgage lending collateral risk management processes for lenders, investors, and borrowers. While the...
Fannie Mae occasionally provides tips to state regulatory agencies when we find appraisals with severe deficiencies. Our goal is to give states actionable information to help improve the quality of appraisers and appraisals. But how does the process work? Spoiler alert: state tips are never auto-generated and always require extensive manual researc...
If the analyst finds significant defects, then the appraisal goes to an internal QC review. In some cases, the QC review is followed by a management review. Citations that survive our internal checks are communicated to the lender. Lenders then have a rebuttal period followed by an appeals process. If the lender is unable to resolve the concern by ...
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Does Fannie Mae require a basement?
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How high should a sloping ceiling be?
• Finished areas must have a ceiling height of at least 7’. In a room with a sloping ceiling, at least 50% of the finished square footage of the room must have a ceiling height of at least 7’ and no portion of the finished area that has a ceiling height of less than 5’ can be included in the GLA.
Jun 6, 2022 · The standard requires a minimum ceiling height of seven feet. In second-story areas with sloped roofs living area starts at 5 feet on the slope, and 50% or more of the ceiling has to be 7 feet or above. Living space that is below grade, even if it's only a foot or two, is to be considered basement space. The standard requires that the property ...
Jan 31, 2022 · Posted by Donald Payne on Monday, January 31, 2022 at 8:07 AM Comment. Any mortgage loan planning to be eligible for sale in the secondary market on April 1, 2022, or after to Fannie Mae, must meet new standardized property measuring guidelines set by the American National Standards Institute. All appraisers will be required to use the square ...
Mar 9, 2022 · The standard does not allow openings to the floor below, e.g., two-story foyers, to be included in the reported square footage.. All finished areas included in GLA must have a ceiling height of at least 7’. In a room with a sloping ceiling, at least 50% of the finished square footage of the room must have a ceiling height of at least 7’ and ...
Feb 27, 2012 · In the diagram above only the area that has a the ceiling height of 5 feet would be counted as living area. What Does Fannie Mae Say About the 5 Foot Rule. Fannie Mae doesn’t actually have any minimum height requirements (click link to read Fannie Mae’s selling guide) for upper levels, or for that matter any level. This guideline originates ...
