"AskNAN" featuring Bill Waltenbaugh

As a trusted valuation company, you can imagine we receive questions every day about appraisals, the ever-changing landscape of the mortgage industry, as well as compliance and regulatory concerns. Each week our Chief Appraiser, Bill Waltenbaugh, takes a question we receive often and answers it in easy to understand relatable examples.

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Catch up on all of our "AskNAN" episodes

"Can a house really have zero square feet and no rooms?"

In this episode of AskNAN, we explain:

  • Why Fannie Mae retired the “GXX001” exception code
  • How ANSI now requires appraisers to classify living area as above-grade or below-grade
  • Why certain homes may show zero above-grade living space
  • The key declarations appraisers must include when ANSI limitations apply

"Is it a Single-Family with an ADU, or a Two-Unit Property?"

In this episode of AskNAN, we explain:

  • What counts as an ADU?
  • When does it become a two-unit property?
  • Why does the distinction matter in appraisals and lending?
  • Break down the key definitions from HUD, Fannie Mae, and Freddie Mac and explain how appraisers determine the difference

"Does a bedroom need a closet to count on an appraisal?"

In this episode of AskNAN, we explain:

  • Why closets are more like “cup holders” than requirements
  • How appraisers determine if a room counts as a bedroom
    The role of egress, heating, and privacy
  • How the absence of a closet might affect marketability

"How close does an appraiser need to live to a property to be geographically competent?"

In this episode of AskNAN, we explain:

  • Why an appraiser must be competent with knowledge and experience in the market area
  • Why appraisers must have access to reliable local data sources (like MLS and government records)
  • Why appraisers must possess the training and field experience to provide a trustworthy opinion of value

"Urban, Suburban, or Rural?
How do appraisers make this determination?"

In this episode of AskNAN, we explain:

  • Why it’s not about “gut feelings”, it’s about density, utilities, services, and proximity
  • Look at measurable things and support services such as: traffic patterns, proximity to shopping, hospitals, etc. 
  • What tools you can use: census data, USDA maps, CFPB tools, and more. 

"Comps and Compliance:
The Dos and Don’ts for Real Estate Agents"

In this episode of AskNAN, we explain:

  • When comps can be shared under the Appraiser Independence Requirements (AIR)
  • How to keep the process compliant and audit-ready
  • Why the right timing benefits agents, lenders, and appraisers alike
  • Key federal guidelines, plus VA and ERC differences you should know

"What is DDD (Defects, Damages, and Deficiencies) and why should you care?"

In this episode of AskNAN, we explain:

  • What DDD is and why it matters in regards to UAD 3.6
  • The 6 categories where DDD applies
  • How structured data streamlines reviews and reduces revision requests
  • Review the new structured data format that makes it easier for appraisers to capture issues, reviewers to spot them, and lenders to make clear, confident decisions.

"Why Do Underwriters
Keep Kicking Back
My Appraisal?"

In this episode of AskNAN, we explain:

  • Top four most common reasons appraisals are flagged by underwriters
  • Failure to adjust comparables
  • Inadequate or unsupported adjustments
  • Mismatched condition or quality ratings
  • Poor geographic comp selection
  • Review red flags and how to avoid unecessary revisions

"USPAP Lets You Learn,
But Will Your Client
Let You Drive?"

In this episode of AskNAN, we explain:

  • How each agency approaches competency, and why being “trail-ready” might just be a requirement
  • USPAP says appraisers can accept assignments they’re not yet fully competent for, as long as they disclose it, take steps to become competent, and deliver a quality report…But do lenders like Fannie Mae, Freddie Mac, or FHA allow that kind of “learning on the job”?