On February 7, 2022, NAR despatched a letter to Fannie Mae and the Federal Housing Finance Company concerning Fannie Mae’s latest announcement that appraisers can be required to make use of ANSI® Z765-2021 (American Nationwide Requirements Institute®) for measuring, calculating, and reporting above-grade and below-grade sq. footage for value determinations requiring inside and exterior inspections with an efficient date of April 1, 2022. NAR requests that Fannie Mae delay implementation of this new requirement till Freddie Mac, FHA, VA and USDA undertake the identical requirement to scale back confusion. Actual Property professionals and appraisers additionally want extra time to change into conversant in how the usual is utilized.
Given that is such a major change, the implementation date must be pushed again for the myriad professionals engaged in actual property transactions to be taught and modify to the measurement customary. As soon as applied, there must also be a grace interval throughout which actual property brokers and appraisers present suggestions to the GSEs to work by way of any points that might come up from the brand new measurement requirement.