copyright
171) Using Fannie Mae Forms
12/02/07
Dear Henry,
I am writing in response to Question #158 on this website. I too have spoken with many appraisers and USPAP instructors in regards to the question posed and I believe your response is incorrect.
Fannie Mae's new forms are for Mortgage finance transactions only. They were not developed as general purpose forms as the old forms were. Fannie Mae clearly states that their forms and use cannot be modified. The only exception is to certification #23. If an appraiser were to modify a new Fannie Mae form then they are in violation of Fannie Mae's copyright. Since an appraiser's scope of work requires an appraiser to meet the supplemental standards of the appraisal reporting form, the appraiser would be violating Fannie Mae's copyright -- thus violating the supplemental standards provision of USPAP.
If the nature of an assignment is for anything besides a mortgage finance transaction then the appraiser must complete the assignment on an old Fannie Mae form or on a general purpose form (Appraisal Institute Form, ACI or alamode general purpose form, etc..)
I know many appraisers who simply give the client what they want: they complete an appraisal report on a new Fannie Mae form for an assignment whose purpose is nott a mortgage finance transaction and in the process are unknowingly violating Fannie Mae's copyright and USPAP. What are your thoughts?
Ed Bedinotti efb803@aol.com
Dear Ed,
I am not a copyright lawyer. However, I do have my doubts about whether Fannie Mae has a valid copyright on their forms. Even if they did, I have never heard of them trying to enforce it.
Many appraisers do use the current version of the Fannie Mae form for other purposes. In order to do so, they must make several significant changes to it, which I think can be confusing to the client. In most cases I would agree that it is better to use these forms only for Fannie Mae work, and to find other forms for non-mortgage related appraisals.
H2
I am writing in response to Question #158 on this website. I too have spoken with many appraisers and USPAP instructors in regards to the question posed and I believe your response is incorrect.
Fannie Mae's new forms are for Mortgage finance transactions only. They were not developed as general purpose forms as the old forms were. Fannie Mae clearly states that their forms and use cannot be modified. The only exception is to certification #23. If an appraiser were to modify a new Fannie Mae form then they are in violation of Fannie Mae's copyright. Since an appraiser's scope of work requires an appraiser to meet the supplemental standards of the appraisal reporting form, the appraiser would be violating Fannie Mae's copyright -- thus violating the supplemental standards provision of USPAP.
If the nature of an assignment is for anything besides a mortgage finance transaction then the appraiser must complete the assignment on an old Fannie Mae form or on a general purpose form (Appraisal Institute Form, ACI or alamode general purpose form, etc..)
I know many appraisers who simply give the client what they want: they complete an appraisal report on a new Fannie Mae form for an assignment whose purpose is nott a mortgage finance transaction and in the process are unknowingly violating Fannie Mae's copyright and USPAP. What are your thoughts?
Ed Bedinotti efb803@aol.com
Dear Ed,
I am not a copyright lawyer. However, I do have my doubts about whether Fannie Mae has a valid copyright on their forms. Even if they did, I have never heard of them trying to enforce it.
Many appraisers do use the current version of the Fannie Mae form for other purposes. In order to do so, they must make several significant changes to it, which I think can be confusing to the client. In most cases I would agree that it is better to use these forms only for Fannie Mae work, and to find other forms for non-mortgage related appraisals.
H2