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On Feb. 4, 2015, Fannie Mae released Lender Letter 2015-02 to provide clarifications and additional information about Collateral Underwriter, Appraiser Quality Monitoring (AQM) and updates to the Property Eligibility and Appraisal Requirements section of the Selling Guide.
The lender letter stresses that the lender must not make demands or provide instructions to the appraiser based solely on automated feedback. Before asking the appraiser to consider any additional sales, the lender must determine if the use of such sale would result in any material change to the appraisal report. The letter also clarifies that there is no direct connection between the CU risk score and the AQM. A high CU risk score does not automatically trigger an AQM review and a lender should not consider a CU high risk score as reflective of an individual appraiser’s work.