Flexibility Updates From Fannie Mae
Since the global lockdown due to the COVID-19 pandemic, we have all been affected by how we work, and appraisers haven’t been an exception to that.
According to a release by Fannie Mae to lenders regarding single-family sellers, there have been some changes to appraisal requirements regarding flexibility in October through to December.
Due to the COVID-19 emergency, many lenders are unable to obtain an appraisal based on a full interior and exterior inspection of the subject property. In response, Fannie Mae is allowing temporary flexibilities to appraisal requirements in collaboration with Freddie Mac under the FHFA guidance.
Here are the last three announcements via the Lender Letter (LL-2020-04) by Fannie Mae:
Updates to Lender Letter on Oct. 19, 2020
- Extension of effective date: extending the application dates eligible for these temporary flexibilities to Nov. 30, 2020, unless otherwise noted
Updates to Lender Letter on Sep. 24, 2020
- Extension of effective date: extending the application dates eligible for these temporary flexibilities to Oct. 31, 2020, unless otherwise noted
Updates to Lender Letter on Aug. 27, 2020
- Extension of effective date: extending the application dates eligible for these temporary flexibilities to Sep. 30, 2020, unless otherwise noted
For the full Lender Letter, click here.
To ensure appraisers can still earn in spite the restrictions, here at Anow, we created a smart homeowner inspection tool; Anow Walkthrough. Anow Walkthrough is designed to help appraisers get interior details when they cannot get inside a property, and as a bonus, homeowners get the chance to show off the cool parts of their homes that they love.
0 Comments