source:
  type: guide
  id: fnma-sel-b4-1.4-11
  authority: Fannie Mae Selling Guide B4-1.4-11 — Value Acceptance + Property Data
  description: Fannie Mae Selling Guide B4-1.4-11 — Value Acceptance + Property Data.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.4-11-full
  canonical_id: fnma-sel-b4-1.4-11-full
  section: Fannie Mae Selling Guide B4-1.4-11 — Value Acceptance + Property Data
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-1.4-11 — Value Acceptance + Property Data
    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: 'B4-1.4-11, Value Acceptance + Property Data (12/10/2025) Introduction
      This topic contains information on value acceptance + property data including:
      Overview Eligible Transactions Ineligible Transactions Representations and Warranties
      Property Data Collection Property Data Collector Exercising Value Acceptance
      + Property Data Property Data Collection with Needed Repairs or Completion Veriﬁcation
      Uniform Appraisal Dataset (UAD) 3.6 Policy Overview For certain loan caseﬁles,
      DU oﬀers value acceptance + property data - an option that requires interior
      and exterior property data collection to verify property eligibility prior to
      the note date. An appraisal is not required. Eligible Transactions Loan caseﬁles
      for certain one-unit properties will be considered for value acceptance + property
      data. Ineligible Transactions The following transactions are not eligible for
      value acceptance + property data: two- to four-unit properties; co-op units;
      manufactured homes; proposed construction; construction-to-permanent loans (single-close
      and two-close); investment properties when rental income is used to qualify
      the borrower; HomeStyle Renovation and HomeStyle Refresh loans; Texas 50(a)(6)
      loans; leasehold properties; community land trusts or other properties with
      resale price restrictions, which include loan caseﬁles using the Aﬀordable LTV
      feature; transactions where either the purchase price or estimated value provided
      to DU is $1,000,000 or more; transactions using gifts of equity; DU loan caseﬁles
      that receive an Ineligible recommendation; and manually underwritten loans.
      Published May 6, 2026 619 Representations and Warranties When a loan caseﬁle
      is eligible for value acceptance + property data and exercised by the lender,
      Fannie Mae accepts the value estimate submitted by the lender as the value for
      the subject property. See A2-2-06, Representations and Warranties on Property
      Value for more information. Property Data Collection The property data collection
      consists of a visual observation of the interior and exterior areas of the subject
      property. It must be performed by a trained and vetted property data collector
      and must adhere to the Uniform Property Dataset (UPD). This dataset consists
      of all required, conditionally required, and optional data elements for property
      data collection of subject property data including photos and a ﬂoor plan conforming
      to the ANSI Standard. See Above- and Below-Grade Area(s) in B4-1.3-05, Improvements
      Section of the Appraisal Report for ANSI standards, the Property Data Collection
      User Guide and Uniform Property Dataset (UPD) Speciﬁcation for more information.
      After the property data collection is completed, it must be successfully submitted
      to Fannie Mae''s Property Data API. See Fannie Mae''s website for more information
      about the UPD and the Fannie Mae Property Data API and access. Property Data
      Collector The property data collector is the individual who personally visits
      the subject property to perform the property data collection guided by an application
      on a hand-held device developed in compliance with the UPD. The property data
      collector must identify and communicate any safety, soundness, or structural
      integrity issues and signiﬁcant items of incomplete construction or renovation.
      Lender Vetting of Property Data Collectors The lender must verify and be able
      to demonstrate that the data collectors are selected in accordance with Fannie
      Mae requirements, including the Property Data Collector Independence Requirements
      , vetted through an annual background check, professionally trained, and they
      possess the essential knowledge to competently complete the property data collection.
      The lender must ensure that the data collectors are trained to comply with their
      fair lending laws and deliver accurate results unaﬀected by personal biases.
      To avoid conﬂict of interest, the lender must ensure that the data collector
      has no interest in or ties to the underlying loan origination transaction, participants,
      or subject property. The lender (or its authorized agent) must review the data
      collector''s credentials and qualiﬁcations on an annual basis to ensure ongoing
      compliance. Evidence of the reviews must be available to Fannie Mae upon request.
      The lender must also have a procedure for suspending or terminating business
      with individual property data collectors. Published May 6, 2026 620 The lender
      must monitor and assess the work performed by the data collector through the
      lender''s quality control program including prefunding and post-closing reviews.
      See Subpart D1, Lender QC Process, for additional information. Exercising Value
      Acceptance + Property Data A lender may only exercise value acceptance + property
      data when the ﬁnal submission of the loan caseﬁle to DU resulted in an eligibility
      message for value acceptance + property data, property data collection is submitted
      to the Property Data API prior to the note date, an appraisal is not obtained
      for the transaction, and the oﬀer is not more than four months old on the date
      of the note and mortgage. Lenders that elect to exercise value acceptance +
      property data must include Special Feature Code 774 at loan delivery. The property
      data collection is only valid for 12 months from date of collection and must
      be performed prior to the note date. If the value acceptance + property data
      oﬀer is lost due to changes in qualifying loan characteristics after the property
      data collection was obtained, in some cases it may be possible for the lender
      to provide the property data collection to an appraiser to perform a hybrid
      appraisal assignment. See B4-1.2-03, Hybrid Appraisals for speciﬁc requirements.
      Alternatively, the lender may obtain a desktop or traditional appraisal report
      as speciﬁed by DU. Property Data Collection with Needed Repairs or Completion
      Veriﬁcation The lender must represent and warrant that the property does not
      have safety, soundness, or structural integrity issues; does not have signiﬁcant
      items of incomplete construction or renovation; and meets Fannie Mae''s property
      eligibility requirements (see B2-3-01, General Property Eligibility). To make
      these representations and warranties in the absence of an appraisal, the lender
      must examine the descriptive information and photo exhibits from the property
      data collection to determine whether the property meets the above requirements.
      When the property data collection evidences any items failing eligibility requirements,
      the lender may need to obtain a professionally prepared report from a qualiﬁed
      professional to conﬁrm the eligibility of the property and if repairs are required
      (well, septic, foundation, roof, electrical, mold, etc.). If repairs or alterations
      are necessary to bring the property into compliance with Fannie Mae''s eligibility
      requirements, the lender must provide satisfactory evidence and documentation
      showing the condition has been corrected or completed prior to sale of the loan
      to Fannie Mae. See Form 1004D and Completion Alternatives in B4-1.2-05, Requirements
      for Verifying Completion and Postponed Improvements for the applicable requirements
      to verify completion of repairs, alterations, or inspections. Published May
      6, 2026 621 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 Dates Announcement SEL-2025-10
      December 10, 2025 Announcement SEL-2025-04 June 04, 2025 Announcement SEL-2024-01
      February 07, 2024 Announcement SEL-2023-09 October 04, 2023 Announcement SEL-2023-07
      August 02, 2023 Announcement SEL-2023-02 March 01, 2023 Chapter B4-2, Project
      Standards Introduction This chapter describes Fannie Mae’s project standards,
      policies, and requirements. Section B4-2.1, General Project Standards Published
      May 6, 2026 622'
  judgment: false
