The updated Fannie Mae Selling Guide released in January clearly states (see below) that a Supervisory appraiser is not required to inspect the subject property or comparable sales.
B4-1.1-03, Appraiser Selection Criteria (01/31/2017)
Supervisory Appraiser
As noted in the License and Certification section in this topic, Fannie Mae allows an unlicensed or uncertified appraiser, or trainee (or other similar classification) that works as an employee or subcontractor of a licensed or certified appraiser, to perform a significant amount of the appraisal (or the entire appraisal if he or she is qualified to do so), as long as the appraisal report is signed by a licensed or certified supervisory or review appraiser and is acceptable under state law.
If a supervisory appraiser is used, the supervisory appraiser does not need to physically inspect the subject property or comparables but must sign the right side of the report and certify that he or she
• directly supervised the appraiser that prepared the appraisal report,
• has reviewed the appraisal report,
• agrees with the statements and conclusions of the appraiser,
• agrees to be bound by certifications as set forth in Fannie Mae’s appraisal report forms, and
• takes full responsibility for the appraisal report.
A supervisory appraiser may not sign the left-hand side of the appraisal report unless he or she has met the requirements of the appraiser as noted in the License and Certification section in this topic.
For more related information go to https://www.fanniemae.com/content/announcement/sel1701.pdf
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