iGUIDE delivers measurements according to the ANSI-Z765-2021 Standard
Fannie Mae’s updated directive for home appraisals to follow ANSI-Z765-2021
Fannie Mae (The Federal National Mortgage Association) mandated that effective April 1, 2022 all home appraisals conducted in the United States will be required to use and adhere to ANSI-Z765-2021 (American National Standards Institute) measurement standard when calculating and reporting GLA (Gross Living Area) and Non-GLA areas in the residential real estate sector. This new regulation applies to all subject properties where interior and exterior inspections are mandatory and will be necessary in order to secure financing from institutions like Fannie Mae.
What Is ANSI-Z765-2021?
The ANSI-Z765-2021 is the 2021 update to the ANSI-Z765 measurement standard which was originally created in 1996 to provide definitive, industry-wide specifications and parameters to determine square footage with consistency. The ANSI-Z765 measurement standard ensures that regulated guidelines are always followed, so that alignment can be observed and delivered to all market participants.
iGUIDE is the Solution
If you are an appraiser needing an accurate and fast way to provide GLA according to ANSI-Z765-2021 or a Real Estate Agent looking to have your listing prepared for the accelerated appraisal process, iGUIDE is the solution. iGUIDE floor plans are measured and drawn to scale and use shading and color to represent included and excluded areas for the total floor area calculations following the ANSI-Z765-2021 measurement standard and GLA reporting. iGUIDE technology not only delivers measurement accuracy that meets and exceeds the industry requirements, but also provides a feature-rich 3D tour as a by-product of the measurement process.
By & Large
The transition of the GLA measurement methodology from just recommendations to firm requirements has created a vacancy in the field that iGUIDE uniquely fills. Through its simplicity, high accuracy, attention to detail and umbrella of services, iGUIDE is proving to be the fundamental answer to manage the ANSI-Z765 measurement standard requirements that are changing the industry.