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Below is a list of the main sections in the Freddie Mac Single-Family Seller/Servicer Guide that address appraisal requirements. We have included a brief description under each section that highlights the relevant information you will find in that area. Please note this list does not encompass every section that relate to appraisals in the guide and should only serve as a reference point.
Freddie Mac Single-Family Seller/Servicer Guide, Volume 1
Chapter 2.6: Race or Racial Composition of a Neighborhood
Chapter 11.16: Special Warranties
Provides a list of additional representations and warranties the seller makes to Freddie Mac including appraised value at settlement.
Chapter 22.6(c): Collateral Documentation
New appraisal requirements for settlement dates more than 120 days after Note Date
Chapter 22.24(c): Market Data Analysis
Requirements of appraisers in the market data analysis section of the appraisal form.
Chapter 22.26: Impact of Contaminated Sites
Appraiser must be informed of contaminated site.
Chapter 23.8: Energy Conservation Improvements
Appraisal requirements of estimated market value after completion of energy conservation improvements.
Chapter 24.8: Requirements for Texas Equity Section 50(a)(6) Mortgages
Appraisals must meet certain sections of Texas Constitution
Chapter A24.3(d): Property Valuation Requirements for the Mortgage Being refinanced – Same Servicer
Determination of property value under the Freddie Mac Relief Refinance Mortgage.
Chapter B24: Property Valuation Requirements for the Mortgage Being refinanced – Open Access
Determination of property value under the Freddie Mac Relief Refinance Mortgage.
Chapter 32.3(a): Property Warranty Requirements
Appraisal requirements for seller-owned converted and seller-owned modified mortgages.
Chapter D33.4(a)
Appraisal requirements for ALT 97 Mortgages
Chapter H33: Manufactured Homes
Appraisal requirements for manufactured homes.
Chapter A34: Home Possible Mortgages
Appraisal requirements for Home Possible Mortgages
Chapter 37.14: Rental Income
Seller required to substantiate rental income using income approach on appraisal report.
Chapter 37.15: Monthly Housing Expense-to-Income Ratio
Appraisal report indicating energy efficiency of the property.
Chapter 37.16.2: Sale or Conversion of Primary Residence
Subsections (a), (b), (c), and (d) establish minimum standards for valuing property.
Chapter 41.3: Appraisal Requirements for Leasehold Mortgages
Chapter 42.8: Other Condominium Project Requirements
Subsection (c) provides appraisal requirements for units in condominium projects. Subsections (a) and (b) may provide useful information for appraisers as well.
Chapter 43.3: Appraisal Requirements for Units in Planned Unit Developments (PUD)
Chapter 44: Appraisals, Inspections and the Property Inspection Alternative (PIA)
Chapter 46.10: Appraisals, Inspections and the Property Inspection Alternative (PIA)
Requirements as per Freddie Mac’s post funding quality control review.
Chapter 46.11 Completion Report
Requirements as per Freddie Mac’s post funding quality control review when appraisal is subject to conditions.
Chapter 48.5(e): Appraisal, Inspection and the Property Inspection Alternative (PIA)
For the Seller’s in-house quality control program, this section outlines original documentation for Loan Prospector that may be included.
Exhibit 35: Appraiser Independence
Requirements
Forms
Single-Family Seller/Servicer Guide, Volume 2
Chapter 51.7(a): Processing Requests for Partial Releases and Granting of Easements
Establishes when an appraisal is required in granting easements on a portion of mortgaged premises.
Chapter 58.3: Flood Insurance
Measurable improvements made to a property located within a Special Flood Hazard Area (SFHA).
Chapter 65.38: When to Obtain A Property Valuation
Pertaining to loss mitigation.
Chapter B65: Property Valuation Requirements
Appraisal and BPO less than 90 days old for workout options.
Chapter D65.4 Evaluation
Home Affordable foreclosure alternatives and the use of appraisal/BPO on mortgaged premises.
Chapter 66.39: When to Obtain A Valuation for Foreclosure Sale Bidding
Chapter 66.40: Requirements for and Reimbursement of Appraisal Reports (Foreclosures)
Chapter 66.41: Reimbursement for Appraisal Report Expenses
Chapter 71.21: Reimbursement of Broker’s Price Opinion (BPO)/Appraisal
Reports
Chapter 71.24: Non-reimbursable Expenses
Chapter A71: Reimbursement of Broker’s Price Opinion (NPO)/Appraisal Reports
Online reimbursements to servicers.
Chapter A71.18: Expenses Freddie Mac will not Reimburse
Exhibits
Forms