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

FHFA Directs Enterprises to Grant Flexibilities for Appraisal

03/23/20

Today, to facilitate liquidity in the mortgage market during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020.​  To allow for homes to be bought, sold, and refinanced as our nation deals with the challenges of the coronavirus, the Enterprises will leverage appraisal alternatives to reduce the need for appraisers to inspect the interior of a home for eligible mortgages.  Now the ball is in Fannie and Freddie's court.  Let's hope they move quickly to get our people out of hou...More

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