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- Home
- / Selling Guide
- / Origination through Closing
- / Subpart B4: Underwriting Property
- / Chapter B4-1: Property Assessment and Valuation
Updated guidance including some new and substantively revised FAQs
Appraisers are now required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) measuring standard for measuring, calculating, and reporting above and below grade square footage(s) to determine gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections with effective dates of April 1, 2022 or later on loans sold to Fannie Mae.
All footprint sketches and floor plans must be computer-generated (not hand-drawn), indicate all the dimensions needed to calculate the above/ below grade and finished/unfinished square footage of each level and other areas such as a garage, and show the calculations to demonstrate how the square footage was derived.
Why the change? | What if comparable sales are measured differently? |
Valuations of residential property correlate strongly with GLA, yet historically there has been little consistency in how appraisers determine it. Our adoption of the ANSI standard for measuring, calculating, and reporting square footage:
| GLA for properties in local MLS systems and assessor records may not have been derived using the ANSI standard for measuring and calculating square footage. The appraiser may not know what method was used to calculate the GLA shown in an MLS listing or in tax assessor data. Through research and their knowledge of the local market, appraisers determine if the GLA provided through alternate sources should be adjusted. The adjustment process does not change the requirement to report subject GLA using the ANSI standard. |
How well do you know ANSI? | Is there an exception process? |
Here are some considerations for appraisers when using the ANSI standard:
| If the appraiser is unable to adhere to the ANSI standard, the appraiser will provide the code “GXX001-” in the Additional Features field on the appraisal form and must explain why compliance was not possible. For example, berm homes with their entire square footage below grade would be eligible for an exception. The appraiser must provide justification for an exception and lenders are responsible for confirming the appraiser provided an adequate explanation. Fannie Mae will monitor for inappropriate use of exceptions (i.e., using methods other than the ANSI standard for homes that have typical above-grade square footage).. |
Where can I learn more?
- For additional information, see Selling Guide B4-1.3-05, ImprovementsSection of the Appraisal Report and B4-1.2-01, Appraisal Report Forms and Exhibits.
- Appraisers can visit Home Innovation Research Labs to obtaina copy of the standard.
- Several appraiser education institutions offer continuing education courses about the standard.
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Additional Resources
- FAQs: Standardized Property Measuring Guidelines
- Selling Guide, B4-1.3-05, ImprovementsSection of the Appraisal Report
- Selling Guide, B4-1.2-01, Appraisal Report Forms and Exhibits
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