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Here's what "appraisal waiver" means across these guidelines: Fannie Mae uses the term to describe a situation where, when an appraisal receives a risk score of 2.5 or below on their Collateral Underwriter system and the property is a one-unit detached, attached, or condo home (manufactured homes excluded), the lender gets relief from certain underwriting duties — specifically, the lender no longer has to verify that the appraiser used sound reasoning, that comparable sales were properly analyzed, or that the value accurately reflects market value. Arizona's appraiser licensing law uses "waiver" differently: it refers to a temporary suspension of state certification requirements when the state board finds a shortage of licensed appraisers in an area and gets federal approval to issue temporary licenses instead. USPAP (the appraisal standards) clarifies that a "waiver valuation" (where an agency decides no appraisal is required at all) is not an exception to USPAP — it simply means USPAP may not apply to that particular assignment in the first place. VA and the UAD reference materials shown here do not address appraisal waivers. Straight from Fannie Mae Selling Guide, 2024 USPAP, and Arizona Appraiser Licensing Law — nothing added.

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© Copyright Notice: © The Appraisal Foundation. Excerpts shown for research and reference only (fair use, 17 U.S.C. § 107) — every certified appraiser is required to have their own current copy under USPAP's own Record Keeping/Competency provisions; this tool helps you find the exact passage, it doesn't replace owning it. Full current edition available for purchase at appraisalfoundation.org. Reproduction restricted per The Appraisal Foundation's copyright policy.

© Copyright Notice: © Fannie Mae. UAD 3.6 / URAR reference materials shown for research and reference only. Full documents available at fanniemae.com/uad. Reproduction restricted per Fannie Mae copyright policy.

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#1 Fannie Mae Selling Guide Page 46

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A2-2-06, Representations and Warranties on Property Value (06/03/2026) Introduction This topic contains information on the following: Representations and Warranties Related to…

Fannie Mae Selling Guide · Selling Guide - 06-03-2026.pdf · Page 46 · View at official source (selling-guide.fanniemae.com) →

A2-2-06, Representations and Warranties on Property Value (06/03/2026) Introduction This topic contains information on the following: Representations and Warranties Related to Collateral Underwriter (CU) Representations and Warranties Related to Value Acceptance Representations and Warranties Related to Collateral Underwriter (CU) In addition to the limited waiver of underwriting representations and warranties available for certain DU loans, loans may also benefit from enforcement relief of certain representations and warranties related to the appraisal and value of the subject property (without regard to underwriting method). To be eligible for relief: the loan must be secured by a one-unit detached, attached, or condo property (manufactured homes are not eligible); and the appraisal must receive a CU risk score of 2.5 or below. Note: See B4-1.1-04, Unacceptable Appraisal Practices for examples of unacceptable practices. When this criteria is met, the lender is not responsible for the following requirements described in this Guide: underwriting the appraisal report to determine whether the subject property presents adequate collateral for the mortgage; ensuring the appraisal accurately reflects the market value of the property; ensuring the appraiser used sound reasoning and provided evidence to support the methodology chosen to develop the opinion of value; and analyzing the comparable sales used in the appraisal report, including the description, selection, adjustments, and reconciliation of the comparables. The lender remains responsible for the description of the property, adherence to fair lending, local, state, and federal laws and the accuracy and completeness of all data on the appraisal that pertains to the property and project (if applicable). This includes the property’s condition and quality ratings. The lender is also responsible for ensuring the property meets the property eligibility requirements in this Guide. Lastly, the lender remains responsible for any life-of-loan representations and warranties that may apply to the property or the appraisal. Representations and Warranties Related to Value Acceptance In addition to the limited waiver of underwriting representations and warranties available for certain DU loans, when a loan casefile is eligible for value acceptance or value acceptance + property data, and is exercised by the lender, Fannie Mae accepts the value estimate submitted by the lender as the value for the subject property. The estimated property value the lender enters in DU must be:

#2 Fannie Mae Selling Guide Page 1

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Fannie Mae Selling Guide · Selling Guide Announcement SEL-2025-07.pdf · Page 1 · View at official source (selling-guide.fanniemae.com) →

© 2025 Fannie Mae SEL-2025-07 Page 1 of 3 Selling Guide Announcement (SEL-2025-07) Sept. 3, 2025 The Selling Guide has been updated to include changes to the following: • Retirement of “appraisal waiver”: removing the term “appraisal waiver” from use alongside “value acceptance” in the Selling Guide • Rescission of reconsideration of value components: revises two requirements of the framework for a borrower- initiated reconsideration of value • Expansion of MH Advantage®: expanding eligibility requirements for manufactured homes • Establishing borrower ownership interest – life estates: clarifying borrower ownership interest in life estates View the list of impacted topics. Retirement of “Appraisal Waiver” To more accurately reflect the evolving role of our valuation solutions, the term “appraisal waiver” will no longer be used in conjunction with “value acceptance” in the Selling Guide. The legacy terminology no longer aligns with the product’s current function within the valuation spectrum. Furthermore, the continued use of dual terms creates confusion, undermines product promotion, and delays industry alignment around a unified term. As a result, the following updates were implemented: • instances where “appraisal waiver” appeared independently were revised to “value acceptance.” • where the term “value acceptance (appraisal waiver)” was used, the parenthetical reference was removed. These changes promote a more consistent and accurate message across the industry and reinforce our commitment to modernizing the valuation process. Effective: These changes will be implemented immediately. Rescission of reconsideration of value components We revised reconsideration of value (ROV) policy as follows: • We removed the requirement to provide an initial ROV disclosure at the time of loan application. The disclosure must be provided to the borrower along with delivery of the appraisal report. • We simplified documentation requirements to require only documentation related to the outcome (not initiation) of the ROV to be retained in the loan file. Selling Guide Supplement UAD 3.6 has also been updated to reflect these changes. Effective: Lenders may take advantage of these policy changes immediately.

#3 2024 USPAP Page 374

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of the definition, | am requlred by USPAP to develop an opinion of reasonable exposure ‘time linked to that value opinion. The assignment | am working on must, by regulation,…

2024 USPAP · 2024_USPAP_text.txt · Page 374 · View at official source (The Appraisal Foundation — USPAP) →

of the definition, | am requlred by USPAP to develop an opinion of reasonable exposure ‘time linked to that value opinion. The assignment | am working on must, by regulation, comply with the Uniform Appraisal Standards for Federal Land Acquisitions (the Yellow Book). Those ‘standards require that the market value opinion be based on a reasonable exposure time, but also prohibit the appraiser from linking the value to a specific exposure time. Does this prohibition represent a Jurisdictional exception since compllance with the Yellow Book Is required by regulation? Response: Yes. In this case, the Yellow Book requirement imposed by the implementing regulation applicable to your assignment precludes you from complying with the USPAP requirement stated in the Comment to USPAP Standards Rule 1-2(c), which requires an appraiser to develop an opinion of reasonable exposure time linked to the value opinion, when reasonable exposure time Is @ component of the definition of value. In contrast, the Yellow Book provides that “the appraiser shall not link an estimate of market value for federal land acquisitions to a specific exposure time.” In accordance with the JURISDICTIONAL EXCEPTION RULE the appraisal report must clearly and conspicuously disclose the part or parts of USPAP that are voided by law or regulation and cite the law or regulation which requires compliance with the Uniform Appraisal Standards for Federal Land Acquisitions. 121. IS A “WAIVER VALUATION” A JURISDICTIONAL EXCEPTION? Question: The Federal Highway Administration (FHWA) permits a “walver valuation.” To quote, 49 CFR § 24.2 (33) “The term waiver valuation means the valuation process used and the product produced when the Agency determines that an appraisal Is not required, pursuant to § 24102(c) (2) appraisal walver provisions.” Is this an application of the JURISDICTIONAL EXCEPTION RULE? Response: No. There is no jurisdictional exception in the situation described. USPAP does not establish who or which assignments must comply. An agency may determine that an appraisal is not required for a specific situation and may elect to rely on a waiver valuation. USPAP Guidance: Frequently Asked Questions co 193 © The Appraisal Foundation sac --- Page 282 --- Sb < JURISDICTIONAL EXCEPTION RULE Nothing in the definition of waiver valuation precludes the appraiser from complying with USPAP. Compliance with USPAP sometimes requires an appraiser to develop an expanded level of analyses, of to communicate results with a different minimum set of requirements, distinct from what might be desired

#4 Arizona Appraiser Licensing Law (ARS Title 32 Ch. 36 / AAC Title 4 Ch. 46) Page 21

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applicant successfully completes the appropriate requirements of the appraisal qualifications board, including education and passage of the current national examination. [Note:…

Arizona Appraiser Licensing Law (ARS Title 32 Ch. 36 / AAC Title 4 Ch. 46) · ARS_Title32_Ch36_Real_Estate_Appraisal.txt · Page 21

applicant successfully completes the appropriate requirements of the appraisal qualifications board, including education and passage of the current national examination. [Note: 32-3626 below reflects an older Justia snapshot (circa 2016), not a distinct 2025 page — see note at top of file.] 32-3626. Scarcity determination; resident temporary licenses and certificates; exemption A. No later than November 1 of each year, the board shall determine and make a finding whether there is a scarcity of state certified or state licensed appraisers in an area within the state to perform appraisals in federally related transactions. B. In determining whether a scarcity exists, the board shall follow procedures in accordance with the provisions governing scarcity in 12 United States Code section 3348 and regulations adopted pursuant to that section as of September 30, 1992. C. If the board makes a finding of scarcity, within fifteen days after the finding, the board shall apply to the appropriate federal agency for a temporary waiver of the state certification or licensing requirements. D. If a waiver request has been approved by the federal agency authorized to issue waivers, the board may thereafter issue resident temporary licenses or certificates to applicants consistent with the reduction in application requirements of this chapter for licenses and certificates as authorized by the waiver. A resident temporary license or certificate shall be subject to all provisions of this chapter not inconsistent with the provisions of the waiver. E. A person obtaining a resident temporary license or certificate under this section is required to comply with all of the provisions of this chapter except for those provisions of this chapter for which a temporary waiver has been approved and shall indicate on all appraisals performed by the person that the appraisal is not an appraisal done by a state certified or state licensed appraiser and the person performing the appraisal is a resident temporary license or certificate holder. A person holding a resident temporary license or certificate may perform appraisals only in areas within the state where it has been determined by the board that a scarcity exists. F. The board is exempt from title 41, chapter 6, article 10 in making the determination and finding and in issuing resident temporary licenses and certificates in accordance with the waiver in subsection D of this section and section 32-3605, subsection B, paragraph 14. 32-3627. Inactive license or certificate status; reactivation application; renewal application

#5 VA Lenders Handbook (Pamphlet 26-7) Page 468

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Notices of Value 13-5 3. Appraisal Review Process, continued f. Questions not Resolved by an Appraiser If the question is not resolved after contacting the appraiser, the SAR…

VA Lenders Handbook (Pamphlet 26-7) · VA-Lender-Handbook.pdf · Page 468 · View at official source (VA.gov — Appraisers/Staff Appraisal Reviewer) →

Notices of Value 13-5 3. Appraisal Review Process, continued f. Questions not Resolved by an Appraiser If the question is not resolved after contacting the appraiser, the SAR should email the RLC for assistance. VA staff will assist the SAR in resolving the question concerning the appraisal. g. Property Not Eligible SARs must not issue an NOV for a property that cannot reasonably be expected to meet eligibility or VA MPRs prior to loan guaranty (see Chapters 10, 11, and 12 of this Handbook). h. NOV to Reflect Appraiser’s Estimate of Market Value Once the SAR has determined the appraisal report is acceptable to VA, the SAR must issue the NOV in WebLGY at the appraised value. If contact with the appraiser resulted in the appraiser uploading an amended appraisal report with a changed value, the SAR must issue the NOV at the changed (current) value. i. Electronic Issuance of an NOV The SAR is not required to sign the NOV in ink since the SAR’s name and VA-issued ID number are automatically included on the NOV. This constitutes an electronic signature since SARs log into WebLGY with a unique user name and password. j. NOV Provided to the Veteran The same day the NOV is issued, the SAR must send the Veteran a copy of the NOV together with a copy of the appraisal report. k. Actions after the NOV Issued After the NOV has been issued: • employees of lenders associated with the case will be able to view and download copies of the appraisal and NOV from WebLGY, • Veterans may request a waiver of a repair requirement (see Chapter 12, Topic 45 of this Handbook), and • interested parties may request a reconsideration of value (see Chapter 10, Topic 22 of this Handbook).

#6 UAD 3.6 / URAR (FNMA) Page 341

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Certifications and Scope of Work Appendix F-1: URAR Reference Guide Page 341 of 375 Version 1.3 Statement of Assumptions and Limiting Conditions The Statement of Assumptions and…

UAD 3.6 / URAR (FNMA) · Appendix F-1 URAR Reference Guide v1.3.pdf · Page 341 · View at official source (fanniemae.com/uad) →

Certifications and Scope of Work Appendix F-1: URAR Reference Guide Page 341 of 375 Version 1.3 Statement of Assumptions and Limiting Conditions The Statement of Assumptions and Limiting Conditions subsection always displays. Statement of Assumptions and Limiting Conditions Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 29.019 The FHA appraiser .... Predefined text that displays when Government Agency Appraisal Type 2.008 is FHA Appraiser Certifications The Appraiser Certifications subsection always displays. Cert 10 (Subject Property Inspection by Appraiser) The appraiser must identify the extent of their inspection scope of work, which determines which of three predefined versions of Cert 10 displays. Appraiser Certifications: Cert 10 (Subject Property Inspection by Appraiser) Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 29.030 This is an appraiser input that does not display Always required Choose an allowable answer from the Definition / Additional Guidance column Appraiser Subject Property Inspection The inspection attestation included by the appraiser in the valuation certifications for the assignment. Determines which predefined version of Cert 10 displays. • Interior and Exterior • Exterior • No Inspection 29.030 I personally performed an onsite ... Predefined text that displays when Appraiser Subject Property Inspection is Interior and Exterior

#7 UAD 3.6 / URAR (FNMA) Page 5

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Reference ID AMC Reference ID Appraisal Version # 'BOOJF.BF]'SFEEJF.BD 4FQUFNCFS Uniform Residential Appraisal Report Page [Page] of [Pages] Assignment Information…

UAD 3.6 / URAR (FNMA) · Appendix C-1 URAR with Report Field IDs v1.3.pdf · Page 5 · View at official source (fanniemae.com/uad) →

Reference ID AMC Reference ID Appraisal Version # 'BOOJF.BF]'SFEEJF.BD 4FQUFNCFS Uniform Residential Appraisal Report Page [Page] of [Pages] Assignment Information Assignment Reason Borrower Name Seller Name Current Owner of Public Record Property Valuation Method Yes No Was a Property Data Report used in lieu of an Inspection? Appraiser Fee AMC Fee Government Agency Investor Requested Special Identification Contact Information [Role]/[Role] Company Name Company Address Credentials ID State Expires Appraiser Name Designation Company Name Company Address Scope of Inspection by Appraiser Subject Property Inspection Exterior Interior Inspection Date Credentials Level ID State Expires ASC Identifier VA Appraiser ID FHA Appraiser ID Employment Type Supervisory Appraiser Name Designation Company Name Company Address Scope of Inspection by Supervisory Appraiser Subject Property Inspection Exterior Interior Inspection Date Credentials Level ID State Expires ASC Identifier VA Appraiser ID FHA Appraiser ID Employment Type Significant Real Property Appraisal Assistance Name Credentials Level ID State Expires Description Property Data Report Name Occupation Company Name Company Address Reference ID Subject Property Inspection Exterior Interior Inspection Date Assignment Information and Scope of Work Commentary Assignment Information Exhibits _ +) +) +) +) +) +) +) +)

#8 Arizona Appraiser Licensing Law (ARS Title 32 Ch. 36 / AAC Title 4 Ch. 46) Page 19

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days prior to March 1st of each year for the period from January 1 to December 31 of the previous year. The AMC National Registry Report shall include: 1. Identifying information…

Arizona Appraiser Licensing Law (ARS Title 32 Ch. 36 / AAC Title 4 Ch. 46) · AAC_Title4_Ch46_Real_Estate_Appraisal.txt · Page 19

days prior to March 1st of each year for the period from January 1 to December 31 of the previous year. The AMC National Registry Report shall include: 1. Identifying information for the AMC; 2. The number of appraisers who have performed an appraisal for the AMC in connection with a covered transaction in the state during the previous year, or from the commencement of business for AMCs not in existence for the entire previous year; and 3. A signed affirmation by written declaration. E. The AMC shall pay, at the time it submits the National Registry Report to the Department, the fee required under 12 U.S.C. § 3338(a)(4). F. A registered AMC or federally regulated AMC operating in Arizona who fails to timely submit a National Registry Report to the Department and to remit the AMC National Registry fee shall not appear on the AMC National Registry. G. Under A.R.S. § 32-3678, failure to comply with this Section is grounds for disciplinary action. History: Adopted by Final rulemaking at 21 A.A.R. 1675, effective 10/6/2015. Amended by final rulemaking at 25 A.A.R. 1139, effective 6/10/2019. Amended by final rulemaking at 28 A.A.R. 893, effective 6/11/2022. R4-46-406. Appeal for Waiver A. Under A.R.S. §§ 32-3668 and 32-3669, an AMC for which registration is sought under R4-46-401 may not have an owner, controlling person, officer, or other individual with a financial interest in the AMC who has ever had a financial, real estate, or mortgage lending industry license or certificate refused, denied, canceled, voluntarily surrendered in lieu of revocation, or revoked in any state. B. When an appeal is made by the individual who has had a financial, real estate, or mortgage lending industry license or certificate refused, denied, canceled, voluntarily surrendered in lieu of revocation, or revoked in any state for a non-substantive cause and reinstated by the state that revoked the license or certificate, the Director has discretion to grant the appeal. C. To make an appeal for waiver under subsection (B), the individual shall submit an appeal for waiver form, which is available from the Department and on its website. D. In deciding whether to waive the requirement under subsection (B), the Director shall consider the following factors: 1. Whether the refusal, denial, cancellation, voluntary surrender in lieu of revocation, or revocation of a license or certificate was based on a finding of fraud, dishonesty, misrepresentation, or deceit on

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