source:
  type: regulation
  id: fhlmc-5605.9
  authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements (01/26/26)
  description: "Freddie Mac Guide §5605.9 (Special property appraisal requirements). Gap-fill (verbatim, ID-diff).\
    \ \n"
obligations:
- id: fhlmc-5605.9-0
  canonical_id: fhlmc-5605.9-0
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: (01/26/26) Refer to Bulletin 2025-7, which announced
    the policy requirements for Uniform Appraisal Dataset (UAD) 3.6. Sellers may submit to the Uniform Collateral
    Data Portal® appraisal reports that use UAD 3.6 before the mandatory effective November 2, 2026 version of Section
    56…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '(01/26/26) Refer to Bulletin 2025-7, which announced the policy requirements for Uniform Appraisal
      Dataset (UAD) 3.6. Sellers may submit to the Uniform Collateral Data Portal® appraisal reports that use UAD
      3.6 before the mandatory effective November 2, 2026 version of Section 5605.10. This section contains appraisal
      requirements related to: ■ 2- to 4-unit properties ■ Condominium Units ■ Manufactured Homes ■ Leasehold estates
      ■ Cooperative Share Loans (a) 2- to 4-unit properties The following requirements and guidelines apply to completing
      Form 72, Small Residential Income Property Appraisal Report, for 2- to 4-unit properties. (i) Comparable rent
      data for 2- to 4-unit properties At least three comparable rentals must be analyzed in the “comparable rental
      data” section. The comparable rentals must: ■ Have current rental information ■ Be units similar to, and located
      near, the subject property The appraisal report should state that the units and properties selected as comparable
      rentals are comparable to the subject property (both the units and the overall property)'
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.9-1
  canonical_id: fhlmc-5605.9-1
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: 605-57 and should accurately represent the rental
    market for the subject property unless otherwise stated in the report. (ii) Rent schedule for 2- to 4-unit properties
    The rent schedule section contains the subject property’s current actual rents and the estimated market rents.
    T…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-57 and should accurately represent the rental market for the subject property unless otherwise
      stated in the report. (ii) Rent schedule for 2- to 4-unit properties The rent schedule section contains the
      subject property’s current actual rents and the estimated market rents. The estimated market rents for the
      subject property must be supported in the appraisal report and must be consistent with the data presented
      throughout the report. (iii) Sales comparison approach for 2- to 4-unit properties The appraisal report must
      contain the unadjusted units of comparison for each comparable sale. The units of comparison are: ■ Sales
      price per square foot of gross building area ■ Sales price per unit ■ Sales price per room ■ Gross rent multiplier
      For purchase transactions, the appraisal report must also contain the units of comparison for the subject
      property. In the comment area of the sales comparison analysis, the appraisal report must include a reconciliation
      of the adjusted sales prices and the unadjusted units of comparison, as appropriate, in the same way properties
      are sold in the Market Area. The appraisal report must include commentary that describes the factors that
      are deemed most relevant by typical investors or purchasers in the Market Area when purchasing a similar property.
      (b) Condominium Units See Section 5701.8(a) for additional appraisal requirements for units in Condominium
      Projects. (c) Manufactured Homes See Section 5703.9 for additional appraisal requirements for Manufactured
      Homes.'
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.9-2
  canonical_id: fhlmc-5605.9-2
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: 605-58 (d) Leasehold estates See Section 5704.2
    for additional appraisal requirements for leasehold estates. (e) Cooperative Share Loans See Chapter 5705 for
    additional appraisal requirements for Cooperative Units.'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: 605-58 (d) Leasehold estates See Section 5704.2 for additional appraisal requirements for leasehold
      estates. (e) Cooperative Share Loans See Chapter 5705 for additional appraisal requirements for Cooperative
      Units.
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.9-3
  canonical_id: fhlmc-5605.9-3
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: Requirements for properties subject to completion
    or inspection (Future effective date 11/02/26) This section contains requirements related to: ■ Verifying completion
    for new or proposed construction ■ Verifying completion for an existing property ■ Appraisal reports or PDRs
    requ…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: 'Requirements for properties subject to completion or inspection (Future effective date 11/02/26)
      This section contains requirements related to: ■ Verifying completion for new or proposed construction ■ Verifying
      completion for an existing property ■ Appraisal reports or PDRs requiring an inspection (a) Verifying completion
      for new or proposed construction For appraisal reports of new or proposed construction (i.e., the construction
      has not started and the description of construction to be completed is based on plans and specifications and/or
      similar documentation) that are subject to completion, Freddie Mac will accept one of the following to verify
      completion of the subject property: ■ A UAD Completion Report, prepared by an appraiser documenting the property
      has been completed in accordance with the plans and specifications: ❑ Freddie Mac will accept a completion
      report prepared by an unlicensed appraiser or appraiser trainee (or similar classification) if a supervisory
      appraiser signs the completion report ❑ The completion report may be based on an on-site visual inspection
      or by using technology to perform a virtual inspection of the subject property to evidence completion ■ Form
      400, Warranty of Completion of Construction or Repairs/Alterations, or other substantially similar form, signed
      by the Borrower and the builder confirming the subject property has been completed in accordance with the
      plans and specifications: ❑ By delivering the signed completion form to Freddie Mac, the Seller represents
      and warrants the subject property has been completed in accordance with the plans and'
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.9-4
  canonical_id: fhlmc-5605.9-4
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: 605-59 specifications and there were no material
    or significant changes to the plans and specifications after completion of the appraisal report ❑ If the Seller
    is unable to obtain Form 400 signed by both the Borrower and builder, then a UAD Completion Report completed
    by the app…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-59 specifications and there were no material or significant changes to the plans and specifications
      after completion of the appraisal report ❑ If the Seller is unable to obtain Form 400 signed by both the Borrower
      and builder, then a UAD Completion Report completed by the appraiser is required The following table describes
      the completion verification requirements for appraisal reports subject to completion per plans and specifications:'
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.9-5
  canonical_id: fhlmc-5605.9-5
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: 605-60 Verifying completion for appraisal reports
    subject to completion per plans and specifications Report or form Requirements for verifying completion UAD
    Completion Report The completion report must: ■ Be completed in accordance with the Completion Report Reference
    Guide (App…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-60 Verifying completion for appraisal reports subject to completion per plans and specifications
      Report or form Requirements for verifying completion UAD Completion Report The completion report must: ■ Be
      completed in accordance with the Completion Report Reference Guide (Appendix F-3) ■ Include photographs that
      clearly identify completion of construction. If the subject property was incomplete at the time of inspection,
      additional photographs may be required (See Section 5604.2(g) for photograph requirements.) ■ Be dated before
      the Settlement Date, unless the requirements for incomplete improvements (Section 5601.3) or GreenCHOICE Mortgages®
      (Section 4606.3(a)) have been met ■ Be signed by the appraiser ■ Be retained in the Mortgage file Form 400,
      Warranty of Completion of Construction or Repairs/Alterations, or other substantially similar form The completion
      form must: ■ Include photographs that clearly identify completion of construction If the subject property
      was incomplete at the time of inspection, additional photographs may be required (See Section 5604.2(g) for
      photograph requirements.) ■ Be dated before the Settlement Date, unless the requirements for incomplete improvements
      (Section 5601.3) have been met ■ Be signed by the Borrower and the builder ■ Be retained in the Mortgage file
      ■ Not be used for GreenCHOICE Mortgages'
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.9-6
  canonical_id: fhlmc-5605.9-6
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: 605-61 (b) Verifying completion for an existing
    property (i) Appraisal reports subject to repairs or alterations For appraisal reports of existing properties
    that are subject to repairs or alterations, Freddie Mac will accept one of the following to verify completion:
    ■ A UAD Com…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-61 (b) Verifying completion for an existing property (i) Appraisal reports subject to
      repairs or alterations For appraisal reports of existing properties that are subject to repairs or alterations,
      Freddie Mac will accept one of the following to verify completion: ■ A UAD Completion Report prepared by an
      appraiser documenting the repairs or alterations identified in the appraisal report have been completed: ❑
      Freddie Mac will accept a completion report prepared by an unlicensed appraiser or appraiser trainee (or similar
      classification) if a supervisory appraiser signs the completion report ❑ The appraiser may complete a UAD
      Completion Report by performing an on-site visual inspection or by using technology to perform a virtual inspection
      of the subject property to evidence completion. Virtual inspections using technology must not be used to verify
      completion for CHOICERenovation Mortgages. ■ Form 400 or other substantially similar form, signed by the Borrower
      confirming the required repairs or alterations identified in the appraisal report have been completed. By
      delivering the signed completion form to Freddie Mac, the Seller represents and warrants the repairs or alterations
      have been completed. ■ PDR Completion Report, prepared by a property data collector, attesting the repairs
      or alterations identified in the appraisal report have been completed ❑ The property data collector must complete
      the PDR Completion Report by performing an on-site visual observation of the subject property to verify completion
      ❑ The PDR Completion Report may be used only with a Hybrid Appraisal Report The following table describes
      the completion verification requirements for appraisal reports subject to repairs or alterations:'
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.9-7
  canonical_id: fhlmc-5605.9-7
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: 605-62 Verifying completion for an existing property
    – appraisal reports Report or form Requirements for verifying completion UAD Completion Report The completion
    report must: ■ Be completed in accordance with the Completion Report Reference Guide (Appendix F-3) ■ Include
    photogr…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-62 Verifying completion for an existing property – appraisal reports Report or form Requirements
      for verifying completion UAD Completion Report The completion report must: ■ Be completed in accordance with
      the Completion Report Reference Guide (Appendix F-3) ■ Include photographs that clearly identify the completion
      of repairs or alterations ■ Be dated before the Settlement Date unless requirements for GreenCHOICE Mortgages
      or CHOICERenovation® Mortgages, as described in Sections 4606.3(a) and 4607.8, respectively, have been met.
      ■ Be signed/attested by the appraiser ■ Be retained in the Mortgage file Form 400, Warranty of Completion
      of Construction or Repairs/Alterations, or other substantially similar form The completion form must: ■ Include
      photographs that clearly identify the completion of repairs or alterations ■ Be dated before the Settlement
      Date ■ Include either: ❑ A signed report from the professional that completed the work, or ❑ Paid invoice(s)
      for the repairs or alterations ■ Be signed/attested by the Borrower(s) ■ Be retained in the Mortgage file
      ■ Not be used for GreenCHOICE Mortgages or CHOICERenovation Mortgages'
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.9-8
  canonical_id: fhlmc-5605.9-8
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: 605-63 PDR Completion Report (May be used only with
    a Hybrid Appraisal Report) The completion report must: ■ Contain the data points and certifications in the PDR
    Completion Report data set (Exhibit 39, Completion Report Data Set) ■ Include photographs that clearly identify
    the c…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-63 PDR Completion Report (May be used only with a Hybrid Appraisal Report) The completion
      report must: ■ Contain the data points and certifications in the PDR Completion Report data set (Exhibit 39,
      Completion Report Data Set) ■ Include photographs that clearly identify the completion of repairs or alterations
      ■ Be dated before the Settlement Date ■ Be signed/attested by the property data collector ■ Be retained in
      the Mortgage file (ii) ACE+ PDR when the Seller’s review of the PDR determines required repairs or alterations
      For ACE+ PDR when the Seller’s review of the PDR determines there are required repairs or alterations, Freddie
      Mac will accept one of the following to verify completion: ■ PDR Completion Report, prepared by a property
      data collector, attesting that the subject property has been completed in compliance with the required repairs
      or alterations. The property data collector must complete the PDR Completion Report by performing an on-site
      visual observation of the subject property to verify completion. ■ Form 400, or other substantially similar
      form, signed by the Borrower confirming completion of repairs or alterations identified in the PDR. By delivering
      the signed completion form to Freddie Mac, the Seller represents and warrants the repairs or alterations have
      been completed. The following table describes the completion verification requirements for PDRs when the Seller’s
      review determines repairs or alterations:'
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.9-9
  canonical_id: fhlmc-5605.9-9
  section: Freddie Mac Guide 5605.9
  description: '5605.9 Special property appraisal requirements: 605-64 Verifying completion for PDRs when the Seller’s
    review determines repairs or alterations Report or form Requirements for verifying completion PDR Completion
    Report The completion report must: ■ Contain the data points and certifications in the PDR Completion Report
    data se…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.9 — Special property appraisal requirements
      (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-64 Verifying completion for PDRs when the Seller’s review determines repairs or alterations
      Report or form Requirements for verifying completion PDR Completion Report The completion report must: ■ Contain
      the data points and certifications in the PDR Completion Report data set (Exhibit 39) ■ Include photographs
      that clearly identify the completion of repairs or alterations ■ Be dated before the Settlement Date ■ Be
      signed/attested by the property data collector ■ Be retained in the Mortgage file Form 400, Warranty of Completion
      of Construction or Repairs/Alterations, or other substantially similar form The completion form must: ■ Include
      photographs that clearly identify the completion of repairs or alterations ■ Be dated before the Settlement
      Date ■ Include either: ❑ A signed report from the professional who completed the repairs or alterations, or
      ❑ Paid invoice(s) for the repairs or alterations ■ Be signed/attested by the Borrower ■ Be retained in the
      Mortgage file ■ Not be used for GreenCHOICE Mortgages or CHOICERenovation Mortgages (c) Appraisal reports
      or PDRs requiring an inspection For appraisal reports that are subject to an inspection of the property or
      PDRs when the Seller’s review determines an inspection is required, a licensed professional or other person
      trained in the particular field of concern (e.g., structural engineer, plumber, pest inspector) must perform
      the inspection of the property. The Seller must obtain either: ■ An inspection report stating that repairs
      are not required (i.e., Seller reviews to ensure property does not have deficiencies consistent with a C5
      or C6 condition rating), or'
    drafter_attestation: Verbatim from Freddie Guide §5605.9 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
