source:
  type: guide
  id: fnma-sel-b4-1.3-11
  authority: Fannie Mae Selling Guide B4-1.3-11 — Valuation Analysis and Reconciliation
  description: Fannie Mae Selling Guide B4-1.3-11 — Valuation Analysis and Reconciliation.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.3-11-full
  canonical_id: fnma-sel-b4-1.3-11-full
  section: Fannie Mae Selling Guide B4-1.3-11 — Valuation Analysis and Reconciliation
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-1.3-11 — Valuation Analysis and Reconciliation
    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: 'B4-1.3-11, Valuation Analysis and Reconciliation (06/04/2025)
      Introduction This topic contains information on reviewing the valuation analysis
      and ﬁnal reconciliation, including: Overview Reconciliation Uniform Appraisal
      Dataset (UAD) 3.6 Policy Overview The valuation sections of Fannie Mae’s appraisal
      report forms enable an appraiser to develop and report, in a concise format,
      an adequately supported opinion of market value based on the cost, sales comparison,
      and income approaches to value, as applicable. If the appraiser believes that
      additional information needs to be provided because of the uniqueness of the
      property or some other condition, they should provide additional supporting
      data in an addendum to the appraisal report form. Reconciliation In the Reconciliation
      section of the appraisal report form, the appraiser considers the reliability
      and applicability of each of the approaches to value that was utilized in the
      appraisal report. After consideration of each of the approaches to value, the
      appraiser will provide their ﬁnal value opinion. In the Reconciliation section,
      appraisers must reconcile the reasonableness and reliability of each applicable
      approach to value, reconcile the reasonableness and validity of the indicated
      values, reconcile the reasonableness of available data, and select and report
      the approach or approaches that were given the most weight. The reconciliation
      is based on the appraiser’s analysis of the results developed as part of the
      valuation process and must never be an averaging technique with the exception
      of the use of a weighted average technique that Published May 6, 2026 589 includes
      proper explanation. The ﬁnal reconciled indicated value must be within the range
      of the values indicated by the Approaches used in the appraisal report form.
      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-2024-06 September 04, 2024'
  judgment: false
