Originally published in the February 24, 2026, issue of AI’s Appraisal Now
Reprinted with permission from AI

Fannie Mae has announced an important update to its collateral risk management framework: Collateral Underwriter® (CU®) access is now available to Appraisal Management Companies (AMCs). The stated goal of this change is to improve transparency and alignment in the appraisal review process by enabling lenders and AMCs to work from a shared view of collateral risk.

Historically, lenders and AMCs have not always had access to the same collateral risk insights, which can contribute to additional handoffs, inconsistent feedback, and late‑stage clarification requests. Expanding AMC access to Collateral Underwriter is intended to promote earlier identification of potential issues and greater consistency in appraisal quality control, helping reduce unnecessary friction in the process.

At the same time, some appraisers have raised concerns about expanded AMC access to Collateral Underwriter. These concerns reflect long‑standing sensitivities around how appraisal tools and collateral risk insights are interpreted and applied within the valuation process.

Fannie Mae has emphasized that controls and guardrails are in place to ensure Collateral Underwriter is used as intended — to support risk identification and consistency, not to replace appraiser judgment or introduce new layers of review. AMC access is positioned as a means to improve alignment upstream, rather than to shift responsibilities or expectations placed on appraisers.

More Information Coming Soon: Educational Webinar

Additional information will be shared next week regarding a forthcoming educational webinar focused on AMC access to Collateral Underwriter. The session will be designed to provide context on the policy change, outline its intended objectives, and address common questions and concerns raised across the valuation community.