IN THE NEWS

Fannie Mae Update to Lender Letter 2020-04 COVID-19 Impact on Appraisals

05/06/20

Fannie Mae Update to Lender Letter 2020-04 COVID-19 impact on appraisals Fannie Mae has updated Lender Letter LL-2020-04 to extend the temporary appraisal flexibilities until June 30th. In addition, Fannie Mae is reminding appraisers of the allowed requirements pertaining to virtual inspections for appraisals and renovation loans. Appraisers may use virtual inspection methods to augment the data and imagery that is used for either a desktop appraisal or an exterior-only appraisal. All traditional appraisals require the appraiser to perform a complete onsite interior and exterior inspection of the property. A virtual inspection cannot be used as a substitute for...More

Fannie Mae Update to Lender Letter 2020-04 COVID-19 Impact on Appraisals

05/06/20

Fannie Mae Update to Lender Letter 2020-04 COVID-19 Impact on Appraisals Fannie Mae has updated Lender Letter LL-2020-04 to extend the temporary appraisal flexibilities until June 30th. In addition, Fannie Mae is reminding appraisers of the allowed requirements pertaining to virtual inspections for appraisals and renovation loans. Appraisers may use virtual inspection methods to augment the data and imagery that is used for either a desktop appraisal or an exterior-only appraisal. All traditional appraisals require the appraiser to perform a complete onsite interior and exterior inspection of the property. A virtual inspection cannot be used as a substitute for ...More

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