FannieMae just issued a new update to their Selling Guide:
https://www.fanniemae.com/content/announcement/sel1609.pdf See top of page 3.
NOTE: this applies to FNMA only. FrMac, VA, FHA have other policies regarding these kinds of changes.
Opinions please. Does this mean we do update the appraisal itself? Or do we still put changes after the effective date on an addendum. TIA
For FNMA, this is info you and your clients may want to know about:
Disclosure of Information to Appraisers
Currently, we require the lender to provide the appraiser with all amendments made to a sales contract, including amendments that are made after completion of the appraisal. With this update, we have clarified when the appraiser must be provided with updates to the sales contract and circumstances that warrant updates to the appraisal. For example, if the contract is amended in a way that affects the description of the real property used by the appraiser, then the lender must provide the updated contract to the appraiser and the appraisal should be updated. However, minor updates to the contract, such as changes to seller paid closing costs or changes to the contract price, do not require an updated appraisal. In addition, we have updated the policy to require disclosure of changes to financing information (such as loan fees and charges, and subordinate financing provided by interested parties) to the appraiser only for purchase transactions.