What does Fannie Mae require an appraiser to do that USPAP does not?

Fannie Mae requires an appraiser to analyze prior listings of the subject property as part of its specific guidelines, which goes beyond the general requirements set forth by USPAP (Uniform Standards of Professional Appraisal Practice).

While USPAP provides a framework for ethical and competent appraisal practice, it does not specifically mandate that appraisers analyze prior listings when conducting their assessments. Fannie Mae's guidelines emphasize understanding the market context of the property, which includes an examination of its past listings to better inform the appraisal process and reflect a more comprehensive understanding of the property’s value, marketability, and trends.

This expectation is crucial in high-volume lending environments where understanding market dynamics and historical performance can influence appraisal outcomes and assistance in risk management for lenders. In contrast, the USPAP focuses primarily on the ethical obligations and steps necessary to conduct a credible appraisal without dictating these specific data analyses that Fannie Mae emphasizes.