Fannie Mae XML

The Fannie Mae worksheet collects Multi-Family data points from throughout the Valuation Model and translates them to Fannie Mae’s required data structure. Review the data and take note of any missing required fields or fields that do not meet Fannie Mae’s requirements.

Not Backwards Compatible

As the Fannie Mae requirements are extremely strict, users are advised to use the Valuation Model 46.02.30 and above or engage Pro-Services to retrofit. It is beyond the scope of support to retrofit an existing template to meet Fannie Mae requirements.

Data Precedents

There are some special data requirements which the Valuation Model supports in preceding worksheets. We strongly suggest upgrading your template to utilize these worksheets if you will be creating Fannie Mae XML files. Pertinent worksheets and tables/fields are listed below:

File Info

• Client File Number

• Property Name : Note that XML does not support “&” characters. Replace with “and”

• Address

• City

• State

• Zip

• County

• Appraiser Name

• Appraisal Company

• Designation : Note that membership is derived by searching for “MAI” in the Designation field of Appraiser 1.

Dates, Premises

• Inspection Date

Site

• Acres

• Flood Zone

• Flood Zone Comment

Improvements

• Number of Buildings

• GBA

• Rentable Area

• Year Built

• Renovations

• No. of Stories

• Parking Type

• Project Amenities Text

• Unit Amenities Text

Market Area

Fannie Mae requires a description of nearby amenities. There is a new amenities comments box in the Amenities table in Market Area for this purpose.

Sales Grid

Adjusted Prices and overall comparability are required data points.

Expense Grid

Expense Comp data is supported add up to 4 expense comps in the Expense Grid.

Lease Grid

Make sure to configure the Lease Grid for Multi-Family. Unit type data for Rent Comparables is required.

Add the overall comparability via the Lease Grid ranking table. Adjusted Rent is not required for this Comp type.

Add the responsible party information to the Multi-family utilities paid by owner table

Capitalization and Multipliers

Subject Pro Forma values are derived from the Cap and Multipliers worksheet.

Required, Optional and Conditional Fields and the Business glossary

To the left of the data entry cells is a letter representing whether the field is Required, Optional or Conditional. If the field is required and is blank or does not meet the required values, the cell will be formatted as a red fill.

Note that some fields have an arrow indicating a dropdown is present. Any dropdown field must match the required values as put forth by Fannie Mae, or the file submission will fail.

To the right of the data entry fields is the business glossary from Fannie Mae, as well as sample data for guidance.

Note that formats have been paid special attention, so that the xml file submission is without error. We strongly suggest not overwriting formulas, formats, etc. as this could cause the file submission to fail.

Review data and choose dropdowns

Subject Property

Although most data is linked from preceding worksheets, the appraiser should review all fields and verify that they are accurate and meet the requirements stated in the business glossary.

Note that some data is not linked and should be entered within the data entry cell if the field is required.

Valuation Data

Some data is linked, while others require a value from the prescribed dropdown list. 10 premises are supported. The Dates, Premises worksheet allows for additional premises to shown to support more than three.

Comp Data

Fannie Mae requires different data to be presented for different comp types. Required data per comp types has been linked from the Sales Grid, Expense Grid and Lease Grid, respectively.

Note that the only data that is not linked is the value for half bathrooms as this field is not present in the database for unit details. Rent Comparables are the only comp type with which unit mix is conditional, therefore it can be hand-entered in the appropriate data cell.

Create the XML file

Before creating the XML file, request the Deal Identifier number from the client. This number is required to be within the file name of the XML file and therefore should be entered before clicking the Create XML file button.

NOTE - This is the identifier assigned by the Fannie Mae Multifamily DUS Gateway system.

Once the Deal Identifier number is entered in the appropriate cell, and all data has been reviewed as accurate, click the Create XML file button. The structured XML file will be created to Fannie Mae’s specifications and placed in the same file folder as the source Excel. The naming convention is {deal identifier}_APPR.xml

Submit the xml file to the client along with the finalized report.

Support

Engage support@narrative1.com for any assistance needed in troubleshooting the creation of the xml file. Note that retrofitting a previous or customized template could incur issues, and we strongly suggest using the newest version of the Valuation Model, or engaging Pro-Services to assist with backwards compatibility.

If client experiences any issue with the file submission and requests the issue to be remedied, include a copy of your excel in your support ticket and provide the error returned in the file submission process.