source:
  type: guide
  id: fnma-sel-b4-1.3-01
  authority: Fannie Mae Selling Guide B4-1.3-01 — Review of the Appraisal Report
  description: Fannie Mae Selling Guide B4-1.3-01 — Review of the Appraisal Report.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.3-01-full
  canonical_id: fnma-sel-b4-1.3-01-full
  section: Fannie Mae Selling Guide B4-1.3-01 — Review of the Appraisal Report
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-1.3-01 — Review of the Appraisal Report
    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: 'B4-1.3-01, Review of the Appraisal Report (06/04/2025) Introduction
      This topic contains information on reviewing the appraisal report, including:
      Overview Appraisal Report Analysis Uniform Appraisal Dataset (UAD) 3.6 Policy
      Overview Fannie Mae’s appraisal report forms and the appraisal review requirements
      for one- to four-unit properties have been developed with the intent that the
      USPAP standards are followed and that Fannie Mae’s policies are supportive of
      fair lending practices. This topic provides lender requirements related to the
      transaction details and the property and appraisal eligibility analysis. Appraisal
      Report Analysis When an appraisal is obtained, the lender must analyze the current
      contract for sale for purchase money transactions, current oﬀering or listing
      for sale for both purchase and reﬁnance transactions when the home was listed
      for sale, comparable sales for both purchase and reﬁnance transactions, and
      current ownership for the subject property (see B4-1.1-02, Lender Responsibilities,
      for further information). The lender is responsible for validating that the
      property meets Fannie Mae’s eligibility criteria (see B2-3-01, General Property
      Eligibility, for eligibility requirements); the appraiser has provided an accurate
      and reliable opinion of value that reﬂects the market value, condition, and
      marketability of the subject property in compliance with Fannie Mae’s Selling
      Guide requirements. (See B4-1.3-12, Appraisal Quality Matters, for further information);
      and the appraisal conforms with B4-1.1-04, Unacceptable Appraisal Practices.
      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. Published May 6, 2026 552 Announcements Issue Date Announcement
      SEL-2025-04 June 04, 2025 Announcement SEL-2024-06 September 04, 2024'
  judgment: false
