23-24: Update – Fannie Mae SEL 2023-02 Valuation Modernization

04/14/2023

Pennymac is pleased to align with Fannie Mae’s Valuation Modernization option.

As background, Fannie Mae introduced new terms and a range of appraisal alternatives in Fannie Mae SEL 2023-02. These new alternatives include:

  • Use of Value Acceptance – being used in conjunction with the term “Appraisal Waiver”
  • Value Acceptance + Property Data – a new option that utilizes property data collection by a third party who conducts interior and exterior data collection on the subject property.
  • Hybrid Appraisals – based on interior and exterior property data collection by a third party that is provided to an appraiser to inform the appraisal.

Fannie Mae DU is being updated on the weekend of 4/15/2023 to support these updates. Fannie Mae DU loans using any new appraisal alternatives will be eligible for Non-delegated submission to Pennymac effective Monday, May 1, 2023.

Please contact your Account Executive with any questions and to learn more about these options.