A loan is eligible for Fannie Mae's value acceptance + property data option, and the lender elects that option. What does the lender obtain in place of an appraisal?
Correct Answer
D) The required property data collection/report
Value acceptance + property data combines an eligible value-acceptance decision with the required property data collection/report. It does not require a new appraiser-developed value opinion, as a desktop or hybrid appraisal would. The lender must still meet the option’s eligibility requirements and address any issues disclosed by the property data; if the loan is not eligible, an appraisal is required.
Why This Is the Correct Answer
Option D is correct because value acceptance + property data combines an eligible value-acceptance decision with the required property data collection/report. It does not require a new appraiser-developed value opinion. The lender must still meet eligibility requirements and address any issues the property data discloses.
Why the Other Options Are Wrong
Option A: A desktop appraisal signed by the data collector
Option A is wrong because it describes a desktop appraisal signed by the data collector. A desktop appraisal is an appraiser-developed value opinion, which this option does not require, and a data collector does not sign an appraisal.
Option B: A hybrid appraisal on each such loan
Option B is wrong because it says the lender obtains a hybrid appraisal on each such loan. A hybrid appraisal still involves an appraiser's value opinion, while this option relies on value acceptance plus property data instead.
Option C: An exterior inspection appraisal of the property
Option C is wrong because it describes an exterior inspection appraisal. That is also an appraisal with an appraiser's value opinion, which is not what this option provides.
Accepted value plus data
The option's name tells you its parts: an accepted value plus property data. No appraiser opinion is added.
How to use: Use this to separate value acceptance + property data from desktop and hybrid appraisals.
Exam Tip
If an answer choice includes the word appraisal, check whether the option actually calls for an appraiser's value opinion; this one does not.
Common Mistakes to Avoid
- -Confusing value acceptance + property data with a hybrid appraisal
- -Believing the data collector signs a value opinion
- -Assuming the lender may ignore issues revealed in the property data
Concept Deep Dive
Analysis
This question tests what Fannie Mae's value acceptance + property data option involves. When the loan is eligible and the lender elects this option, the lender obtains the required property data collection/report in place of an appraisal. No new appraiser-developed value opinion is part of the option, which separates it from desktop and hybrid appraisals.
Background Knowledge
Fannie Mae offers valuation options that range from full appraisals to value acceptance. Value acceptance + property data pairs an eligible value-acceptance decision with a property data collection, and if the loan is not eligible an appraisal is required.
Real-World Application
A lender receives a value-acceptance offer on a refinance and elects the property data option. A trained data collector visits the home and submits the property data report, and the lender reviews it for any issues before closing without an appraisal.
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Under Fannie Mae's Selling Guide, a lender's final DU submission on January 10 produced a value acceptance offer, and no appraisal was obtained. The note and mortgage are dated May 20. May the lender exercise the offer?
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