On April 14th, three federal financial institution regulatory agencies issued a rule change that will allow appraisals on properties to be deferred for up to 120 days during the COVID-19 national emergency. The FRB, FDIC, and OCC issued the rule change, which will be…
On March 25, 2020, McKissock Learning hosted a webinar in which appraisers were able to hear directly from a Fannie Mae representative and ask questions regarding the temporary revisions to GSE appraisal requirements as a result of the coronavirus crisis. Watch the live recording…
Within the last several days, HUD/FHA and VA have both issued updated guidance for appraisers regarding appraisal scope of work and COVID-19. HUD issued Mortgagee Letter 2020-05 on March 27, 2020. On a temporary basis, appraisers are permitted to perform desktop or exterior-only inspection…
In response to the COVID-19 crisis, Fannie Mae has posted Lender Letter 2020-04 (LL-2020-04), which permits temporary revisions to GSE appraisal requirements in this time of national emergency. This Lender Letter can be found here. Fannie Mae and Freddie Mac have been working together…
On March 18th, The Appraisal Foundation (the Foundation), the Association of Appraisal Regulatory Officials (AARO) and the Appraisal Subcommittee (ASC) issued a joint message for appraisers and regulators regarding COVID-19. The Foundation has created a page on its website titled “Coronavirus and Appraisers: Your…
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