Which term did Fannie Mae adopt in place of the retired phrase appraisal waiver?
Correct Answer
A) Value acceptance
Why this is correct: Fannie Mae adopted the term 'value acceptance' to replace the retired phrase 'appraisal waiver.' This reflects that the investor accepts a submitted value based on its own data and modeling, rather than waiving an otherwise required appraisal. Why the other choices are wrong: Desktop valuation refers to an appraisal performed without a physical inspection. Property inspection waiver is an older, retired term. Automated underwriting review is a broader process, not the specific term for this concept. Exam tip: 'Value acceptance' is the current term; 'appraisal waiver' is outdated.
Why This Is the Correct Answer
Why this is correct: Fannie Mae adopted the term 'value acceptance' to replace the retired phrase 'appraisal waiver.' This reflects that the investor accepts a submitted value based on its own data and modeling, rather than waiving an otherwise required appraisal. Why the other choices are wrong: Desktop valuation refers to an appraisal performed without a physical inspection. Property inspection waiver is an older, retired term. Automated underwriting review is a broader process, not the specific term for this concept. Exam tip: 'Value acceptance' is the current term; 'appraisal waiver' is outdated.
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