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 of the webinar below.
Disclaimer: This recording reflects the temporary appraisal inspection guidelines during the coronavirus state of emergency as of the date of the March 25, 2020 recording. Please continue to check Fannie Mae’s website for the most recent updates: www.fanniemae.com/appraisers.
Highlights from the webinar
Hosted by the Fannie Mae experts, the webinar recording above discusses the temporary appraisal flexibilities offered by Lender Letter LL-2020-04, Impact of COVID-19 on Appraisals.
Highlights include a discussion of:
- How to consider information from an interested party to the transaction (borrower, realtor, property contact, etc.)
- Why a desktop appraisal is allowed for a purchase transaction but not a refinance
- What forms should be used based on the subject property type and the level of inspection (desktop or exterior-only)
- The revised scope of work, certifications, and statement of assumptions and limitations that need to be added to the standardized forms
- What exhibits (photos) are required
- A summary of the guidance issued by the Appraisal Standards Board (ASB)
- Plus discussions of data credibility, working with lenders, and more!