What are Fannie Mae's (FNMA) appraisal requirements?

Fannie Mae requires lenders to use appraisers who are state licensed or state certified under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), and the credential must be active as of the report's effective date. A trainee may perform a significant amount of the appraisal, but a supervisory appraiser must sign, agree with the conclusions, and take full responsibility. Fannie Mae does not approve appraisers itself; lenders must verify each appraiser's state credential and review licensing status at least annually.

Fannie Mae requires lenders to use appraisers who are state-licensed or state-certified under federal Title XI and applicable state law, with the license active as of the effective date of the appraisal report. A trainee may perform a significant amount of the appraisal, or the entire appraisal if qualified, while working under a state-licensed or state-certified supervisory appraiser who signs the certification. Lenders must document each appraiser's licensing status and review it annually.