Servicing Guide

Published September 9, 2020

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What constitutes a property valuation for a Mortgage Release?

The servicer must obtain a property valuation for a Mortgage Release or a Mortgage Release transition option in accordance with Obtaining a Property Valuation and Evaluating the Condition of the Property in D2-3.3-02, Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure).

The property valuation for a Mortgage Release can be

  • an interior and exterior inspection of the property in the form of a BPO;
  • an interior and exterior inspection of the property in the form of a an appraisal, which must be performed in accordance with USPAP; or
  • a valuation obtained through Fannie Mae’s APS.

Note: For a Mortgage Release transition option, the property valuation must be an interior and exterior inspection of the property in the form of
a BPO; or an appraisal, which must be performed in accordance with USPAP.

For more information please see F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure)

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