ANSI standards for measuring Appraisers Grows

UPDATE: As reported last week, Fannie Mae began requiring all of their appraisals to use a different standard for measuring Gross Living Area (GLA) and non-GLA.  This week, we received notice that, effective immediately, MassHousing is adopting the same measuring requirement for appraisals requiring interior and exterior inspections on all applications using Conventional financing. All appraisals for both Fannie and Freddie Mac products must adhere to the change. MassHousing’s Full Announcement

RECAP of details from last week’s announcement:  ANSI appraisal square footage and number of rooms may be different from prior appraisals and field cards. The ANSI standard requirement does NOT apply to real estate licensees performing CMA’s or BPO’s.  Simply put, you may notice a difference in square footages as the new standard only includes space with 7 foot ceiling heights as part of the Gross Living Area square footage and the rest will be noted as “non-GLA”. Also, a Cape Cod second floor gross living area measurement will include any area with a 7′ high ceiling and only the portion that slopes down to a height of 5 feet, but not the full room dimension.  For more information, please see the Fannie Mae ANSI Fact Sheet, NAR’s letter to Fannie Mae and Fannie Mae’s response to NAROr better yet, ask a trusted appraiser for more information if concerned!