When it comes to neighborhood analysis, what does Fannie Mae want? That’s all clear in B4-1.3-03 of the Selling Guide. Really! It’s all there. No reason to guess! No reason to worry over it! What Fannie Mae wants is all there! Of course, that means we appraisers have to read it. We must be familiar with it. We must must understand it Oh, damn! Actually, there are 36 questions to answer in a properly done neighborhood analysis. Answers to these questions help Fannie Mae assess risk. “What?!” you say. You thought Fannie Mae needed an opinion of value? Au contraire, mon frere appraiser! Via its algorithms, and the historical sales data we’ve provided, she already knows what the property is worth. We, rather, inform her of the risks of investing in mortgages in a particular neighborhood. That’s why a well-written neighborhood analysis is so important. It is also why just-a-bunch-of-boilerplate can be dangerous! Fannie Mae wants to see facts in a neighborhood analysis. She wants to see analyses of those facts! Fannie and her investors want to see the interpretations of those facts. And they want us to interpret these, too.. So we cover a small area of this analysis. Thanks for listening!