The March 2024 Fannie Mae Appraiser Update covers various important topics, including zoning changes, hybrid appraisals, subjective language, and recent updates to the Selling Guide. Fannie Mae aims to support appraisers in staying successful and welcomes feedback for future newsletters. One significant update is the inclusion of condos as eligible properties for value acceptance and property data, with guidelines provided for hybrid appraisals. Additionally, there's a focus on eliminating prohibited or subjective appraisal language, with positive progress reported in reducing occurrences of such language. The newsletter also addresses the impact of rezoning on appraisers and provides guidance on determining the highest and best use of properties. Lastly, it emphasizes the importance of cybersecurity and provides tips to safeguard appraisal credentials.

In the February 2024 update to the Selling Guide, Fannie Mae made condos eligible for value acceptance and property data. If there are changes to the loan after property data collection, Fannie Mae will accept a hybrid appraisal based on that data. To include condos, they introduced the Individual Condominium Unit Appraisal Report (Hybrid).

While detached condos can still use traditional appraisals, all condos (attached or detached) needing hybrid appraisals must use the Individual Condominium Unit Appraisal Report (Hybrid), according to Selling Guide B4-1.2-03.

​Source: Fannie Mae