Fannie Mae Selling Guide B4-1.1-05 — Disclosure of Information to Appraisers

Fannie Mae Selling Guide B4-1.1-05 — Disclosure of Information to Appraisers

B4-1.1-05, Disclosure of Information to Appraisers (06/04/2025) Introduction This topic contains information on lender disclosure of information to appraisers, including: Overview Sales Contract Information Information Disclosed to the Appraiser Contract Changes After the Appraisal is Completed Uniform Appraisal Dataset (UAD) 3.6 Policy Overview All information about the subject property the lender is aware of must be disclosed to the appraiser and the details provided must comply with B4-1.1-04, Unacceptable Appraisal Practices. The appraiser must determine if the information could affect either the marketability of the property or the opinion of the market value of the property. Sales Contract Information All financing data and sales concessions for the subject property that will be or have been granted by anyone associated with the transaction must be disclosed to the appraiser, as appropriate. Typically, this information is provided in the sales contract. Therefore, the lender must provide, or ensure that the appraiser is provided with, a copy of the complete, ratified sales contract and all addenda for the property that is to be appraised. Information Disclosed to the Appraiser Financial Information The list below includes items that must be disclosed to the appraiser on purchase transactions, if applicable: Published May 6, 2026 526 settlement charges, loan fees or charges, discounts to the sales price, interest rate buydowns, below-market-rate financing, terms of any subordinate financing provided by interested parties, credits or refunds of borrower expenses, absorption of monthly payments, assignment of rent payments, and any other information not listed above that impacts property value. Property Information The list below includes items that must be disclosed, if applicable: condo or PUD fees; non-realty items included in the transaction; any environmental hazard in or on the subject property or in the vicinity of the property that the lender is aware of or learns from the borrower, the real estate agent, or any other party to the transaction (see B4-1.4-08, Environmental Hazards Appraisal Requirements); and any other items that affect the safety, soundness, or structural integrity of a property of which the lender may be aware. Contract Changes After the Appraisal is Completed If the contract is amended after the effective date of the appraisal in a way that does not affect the description of the property, then the lender is not required to provide the amended contract to the appraiser nor obtain a revised appraisal. Some examples of amendments that do not require the lender to provide the amended contract nor obtain revisions to the already-completed appraisal report include: sale price, transaction terms, financing concessions, seller-paid closing costs, names or initials, closing date, and correction of minor clerical errors such as misspellings. 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 the Announcements that have been issued that are related to this topic. Announcements Issue Date Published May 6, 2026 527 Announcement SEL-2025-04 June 04, 2025 Announcement SEL-2024-06 September 04, 2024 B4-1.1-06, Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP) (06/04/2025) Introduction This topic contains information on the Uniform Appraisal Dataset and the Uniform Collateral Data Portal, including: Uniform Appraisal Dataset (UAD) Uniform Collateral Data Portal (UCDP) Uniform Appraisal Dataset (UAD) 3.6 Policy Uniform Appraisal Dataset (UAD) The UAD standardizes appraisal data elements for a subset of fields on specific appraisal report forms and includes all data elements required to complete these forms. Fannie Mae requires that the following appraisal report forms are completed utilizing Appendix D of the UAD Specification when reporting the results of an appraisal for a conventional loan: Uniform Residential Appraisal Report ( Form 1004), Uniform Residential Appraisal Report (Desktop) (Form 1004 Desktop) Uniform Residential Appraisal Report (Hybrid) (Form 1004 Hybrid) Individual Condominium Unit Appraisal Report ( Form 1073), and Individual Condominium Unit Appraisal Report (Hybrid) (Form 1073 Hybrid). Other appraisal report forms may be completed using the standards contained in the UAD Specification to the extent those standards are applicable to that particular form. Lenders may obtain the most recent version of Appendix D of the Uniform Appraisal Dataset Specification and additional information on Fannie Mae’s website. Uniform Collateral Data Portal (UCDP) The UCDP is a portal through which lenders are required to electronically submit appraisal reports for conventional loans sold to Fannie Mae. The following appraisal report forms including all exhibits, addenda, and photographs, must be submitted through the UCDP and receive a “Successful” status from the UCDP prior to sale of the loan to Fannie Mae: Published May 6, 2026 528 Uniform Residential Appraisal Report ( Form 1004), Uniform Residential Appraisal Report (Desktop) (Form 1004 Desktop), Uniform Residential Appraisal Report (Hybrid) (Form 1004 Hybrid) Manufactured Home Appraisal Report ( Form 1004C), Small Residential Income Property Appraisal Report (Form 1025), Individual Condominium Unit Appraisal Report ( Form 1073), Individual Condominium Unit Appraisal Report (Hybrid) ( Form 1073 Hybrid), and Individual Cooperative Interest Appraisal Report ( Form 2090). If there are subsequent revisions to the appraisal report, the final version of the report that was utilized in making the underwriting decision must be submitted through the UCDP and receive a “Successful” status from the UCDP prior to sale of the loan to Fannie Mae. When submitting an appraisal report through the UCDP, lenders must ensure it is the unaltered report submitted by the identified appraiser. Additionally, for loans that require an appraisal, lenders must ensure the appraised value as indicated on the appraisal submitted to UCDP matches the appraised value as reported at sale of the loan. An exception is allowed for this requirement when the appraisal used to underwrite the loan is a desk or field review of an existing appraisal because those types of reports cannot be submitted through the UCDP. In those instances, the appraised value reported at sale of the loan will reflect the value as stated in the desk or field review. However, the original appraisal that was the subject of review must have been submitted to UCDP. Appraisal report forms not listed above cannot be delivered through UCDP with the exception of the Appraisal Update and/or Completion Certificate ( Form 1004D ), which is optional. Lenders must maintain the applicable appraisal report and attachments in the loan file as part of the underwriting documents in accordance with A2-4.1-02, Ownership and Retention of Loan Files and Records. Lenders may obtain detailed information on the UCDP page on Fannie Mae’s website. 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 Date Announcement SEL-2025-04 June 04, 2025 Announcement SEL-2022-01 February 02, 2022 Announcement SEL-2019-06 July 03, 2019 Published May 6, 2026 529 Section B4-1.2, Documentation Standards

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