source:
  type: guide
  id: fnma-sel-b4-1.1-05
  authority: Fannie Mae Selling Guide B4-1.1-05 — Disclosure of Information to Appraisers
  description: Fannie Mae Selling Guide B4-1.1-05 — Disclosure of Information to Appraisers.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.1-05-full
  canonical_id: fnma-sel-b4-1.1-05-full
  section: Fannie Mae Selling Guide B4-1.1-05 — Disclosure of Information to Appraisers
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-1.1-05 — Disclosure of Information to Appraisers
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-1.1-05, Disclosure of Information to Appraisers (06/04/2025)
      Introduction This topic contains information on lender disclosure of information
      to appraisers, including: Overview Sales Contract Information Information Disclosed
      to the Appraiser Contract Changes After the Appraisal is Completed Uniform Appraisal
      Dataset (UAD) 3.6 Policy Overview All information about the subject property
      the lender is aware of must be disclosed to the appraiser and the details provided
      must comply with B4-1.1-04, Unacceptable Appraisal Practices. The appraiser
      must determine if the information could aﬀect either the marketability of the
      property or the opinion of the market value of the property. Sales Contract
      Information All ﬁnancing data and sales concessions for the subject property
      that will be or have been granted by anyone associated with the transaction
      must be disclosed to the appraiser, as appropriate. Typically, this information
      is provided in the sales contract. Therefore, the lender must provide, or ensure
      that the appraiser is provided with, a copy of the complete, ratiﬁed sales contract
      and all addenda for the property that is to be appraised. Information Disclosed
      to the Appraiser Financial Information The list below includes items that must
      be disclosed to the appraiser on purchase transactions, if applicable: Published
      May 6, 2026 526 settlement charges, loan fees or charges, discounts to the sales
      price, interest rate buydowns, below-market-rate ﬁnancing, terms of any subordinate
      ﬁnancing provided by interested parties, credits or refunds of borrower expenses,
      absorption of monthly payments, assignment of rent payments, and any other information
      not listed above that impacts property value. Property Information The list
      below includes items that must be disclosed, if applicable: condo or PUD fees;
      non-realty items included in the transaction; any environmental hazard in or
      on the subject property or in the vicinity of the property that the lender is
      aware of or learns from the borrower, the real estate agent, or any other party
      to the transaction (see B4-1.4-08, Environmental Hazards Appraisal Requirements);
      and any other items that aﬀect the safety, soundness, or structural integrity
      of a property of which the lender may be aware. Contract Changes After the Appraisal
      is Completed If the contract is amended after the eﬀective date of the appraisal
      in a way that does not aﬀect the description of the property, then the lender
      is not required to provide the amended contract to the appraiser nor obtain
      a revised appraisal. Some examples of amendments that do not require the lender
      to provide the amended contract nor obtain revisions to the already-completed
      appraisal report include: sale price, transaction terms, ﬁnancing concessions,
      seller-paid closing costs, names or initials, closing date, and correction of
      minor clerical errors such as misspellings. Uniform Appraisal Dataset (UAD)
      3.6 Policy Lenders using UAD 3.6 must follow the requirements in the UAD 3.6
      Policy Supplement . Recent Related Announcements The table below provides references
      to the Announcements that have been issued that are related to this topic. Announcements
      Issue Date Published May 6, 2026 527 Announcement SEL-2025-04 June 04, 2025
      Announcement SEL-2024-06 September 04, 2024 B4-1.1-06, Uniform Appraisal Dataset
      (UAD) and the Uniform Collateral Data Portal (UCDP) (06/04/2025) Introduction
      This topic contains information on the Uniform Appraisal Dataset and the Uniform
      Collateral Data Portal, including: Uniform Appraisal Dataset (UAD) Uniform Collateral
      Data Portal (UCDP) Uniform Appraisal Dataset (UAD) 3.6 Policy Uniform Appraisal
      Dataset (UAD) The UAD standardizes appraisal data elements for a subset of ﬁelds
      on speciﬁc appraisal report forms and includes all data elements required to
      complete these forms. Fannie Mae requires that the following appraisal report
      forms are completed utilizing Appendix D of the UAD Speciﬁcation when reporting
      the results of an appraisal for a conventional loan: Uniform Residential Appraisal
      Report ( Form 1004), Uniform Residential Appraisal Report (Desktop) (Form 1004
      Desktop) Uniform Residential Appraisal Report (Hybrid) (Form 1004 Hybrid) Individual
      Condominium Unit Appraisal Report ( Form 1073), and Individual Condominium Unit
      Appraisal Report (Hybrid) (Form 1073 Hybrid). Other appraisal report forms may
      be completed using the standards contained in the UAD Speciﬁcation to the extent
      those standards are applicable to that particular form. Lenders may obtain the
      most recent version of Appendix D of the Uniform Appraisal Dataset Speciﬁcation
      and additional information on Fannie Mae’s website. Uniform Collateral Data
      Portal (UCDP) The UCDP is a portal through which lenders are required to electronically
      submit appraisal reports for conventional loans sold to Fannie Mae. The following
      appraisal report forms including all exhibits, addenda, and photographs, must
      be submitted through the UCDP and receive a “Successful” status from the UCDP
      prior to sale of the loan to Fannie Mae: Published May 6, 2026 528 Uniform Residential
      Appraisal Report ( Form 1004), Uniform Residential Appraisal Report (Desktop)
      (Form 1004 Desktop), Uniform Residential Appraisal Report (Hybrid) (Form 1004
      Hybrid) Manufactured Home Appraisal Report ( Form 1004C), Small Residential
      Income Property Appraisal Report (Form 1025), Individual Condominium Unit Appraisal
      Report ( Form 1073), Individual Condominium Unit Appraisal Report (Hybrid) (
      Form 1073 Hybrid), and Individual Cooperative Interest Appraisal Report ( Form
      2090). If there are subsequent revisions to the appraisal report, the ﬁnal version
      of the report that was utilized in making the underwriting decision must be
      submitted through the UCDP and receive a “Successful” status from the UCDP prior
      to sale of the loan to Fannie Mae. When submitting an appraisal report through
      the UCDP, lenders must ensure it is the unaltered report submitted by the identiﬁed
      appraiser. Additionally, for loans that require an appraisal, lenders must ensure
      the appraised value as indicated on the appraisal submitted to UCDP matches
      the appraised value as reported at sale of the loan. An exception is allowed
      for this requirement when the appraisal used to underwrite the loan is a desk
      or ﬁeld review of an existing appraisal because those types of reports cannot
      be submitted through the UCDP. In those instances, the appraised value reported
      at sale of the loan will reﬂect the value as stated in the desk or ﬁeld review.
      However, the original appraisal that was the subject of review must have been
      submitted to UCDP. Appraisal report forms not listed above cannot be delivered
      through UCDP with the exception of the Appraisal Update and/or Completion Certiﬁcate
      ( Form 1004D ), which is optional. Lenders must maintain the applicable appraisal
      report and attachments in the loan ﬁle as part of the underwriting documents
      in accordance with A2-4.1-02, Ownership and Retention of Loan Files and Records.
      Lenders may obtain detailed information on the UCDP page on Fannie Mae’s website.
      Uniform Appraisal Dataset (UAD) 3.6 Policy Lenders using UAD 3.6 must follow
      the requirements in the UAD 3.6 Policy Supplement . Recent Related Announcements
      The table below provides references to recently issued Announcements that are
      related to this topic. Announcements Issue Date Announcement SEL-2025-04 June
      04, 2025 Announcement SEL-2022-01 February 02, 2022 Announcement SEL-2019-06
      July 03, 2019 Published May 6, 2026 529 Section B4-1.2, Documentation Standards'
  judgment: false
