I received a notice this morning from Peter Gailitis, VP, Chief Appraiser eAppraiseIT, LLC saying,

"Recently Fannie Mae announced that it will be alerting lenders if the collateral property for a mortgage is located in an area where house prices are declining. Fannie’s Desktop Underwriter will send a message to the lenders notifying them that they need to carefully review the appraisal to ensure its accuracy and require additional information from the appraiser, if necessary. They expect the appraiser to describe market trends and the effects it will have on the value of the property. Fannie Mae states “It is unacceptable for the appraiser to ignore these issues and not report the factual property value trends and market conditions. The alert process is to begin July 22." Download eAppraiseIT07-19-07notice.pdf (321.8K)

The letter recommends that all appraisers read Fannie Mae’s Announcement 07-11 in full, which discusses determination of market conditions, lender responsibilities and appraiser responsibilities, but doesn't provide the document or a link to it. 

So . . .Here they are! 

• Download Fannie Mae 07-11- FAQ Sheet (33.8K)
• Download Selling Guide - 07-11 (114.3K)