Appraisers are notoriously busy, which is why we’ve scoured the internet for the latest appraisal-related news and information to help our followers stay up-to-date. Here are some of the highlights in appraisal news from the past two weeks.
Fannie Mae Extends Deadline Date on Flexibilities
On June 11, 2020, Fannie Mae announced that the temporary appraisal flexibilities that were outlined in Lender Letter 2020-04 (LL-2020-04) have been extended until July 31, 2020. For more details, check out the revised Lender Letter 2020-04 which can be found here.
Fannie Mae reminds appraisers about their Appraisers page, which is a tremendous resource. It can be found here.
Freddie Mac made a similar announcement, also extending their flexibilities until July 31.
Freddie Mac Releases Quarterly Forecast
According to Freddie Mac’s Quarterly Forecast, released on June 16, 2020, housing markets have been affected by the pandemic with both home sales and house price growth declining.
“While the housing market undoubtedly has felt the effects of COVID-19, we are encouraged by recent homebuyer demand as well as mortgage rates that should remain at record lows for the foreseeable future,” said Sam Khater, Freddie Mac’s Chief Economist. “However, beyond the initial rebound in the housing market, the economic and housing outlook will be heavily impacted by the prospects for a vaccine, fiscal policy and the underlying organic recovery of the economy which, in combination, make the outlook highly uncertain.”
Read the full press lease here.
Tax Day for Appraisers and How to Prepare for It
As you probably know, the IRS extended this year’s tax deadline to July 15, 2020 due to the COVID-19 crisis. That means tax day is just around the corner! In this podcast episode, Dustin Harris (a.k.a. The Appraiser Coach) provides several tax tips and insights for appraisers. Watch the YouTube version above, or listen via your preferred podcast provider.
Podcast links are available here.
Appraiser Shares His COVID-19 Recovery Experience
In this story by Valuation Review, published Monday, June 15, veteran appraiser Bryan Reynolds talks about his personal experience with COVID-19—what it was like to fall ill, get diagnosed, and recover in isolation. In a follow-up story published on Wednesday, June 17, Reynolds shares how “he also found new ways to get his appraisal business back on track” following his recovery.
Read the follow-up story here.