Fannie Mae’s standardized property measuring guidelines have been updated to include new and substantially revised FAQs

Appraisers are now mandated to utilize the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) as the measuring standard for determining the gross living area (GLA) and non-GLA areas of subject properties. This applies to appraisals requiring both interior and exterior inspections with effective dates of April 1, 2022, or later on loans sold to Fannie Mae. All footprint sketches and floor plans must be computer-generated, indicating the necessary dimensions for calculating above-grade, below-grade, finished, and unfinished square footage of each level, as well as other areas like garages. The calculations must also be shown to demonstrate how the square footage was derived.