BACKGROUND:
On December, 15, 2021, Fannie Mae published an announcement titled “Standardized Property Measuring Guidelines” – Updated guidance, which stated – Appraisers will be required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) Measuring Standard for measuring, calculating, and reporting 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.
This policy update will standardize the method used to measure, calculate, and report GLA and non-GLA areas of subject properties.
All footprint sketches and floor plans must be computer-generated (not hand-drawn), indicate all the dimensions needed to calculate the GLA and other required areas such as garage and basement, and show the calculations to demonstrate how the estimate for GLA was derived.
