On May 5, 2020, Fannie Mae announced that the temporary appraisal flexibilities that were outlined in Lender Letter 2020-04 (LL-2020-04) have been extended until June 30, 2020. The revised Lender Letter can be found here.
Freddie Mac made a similar announcement, also extending their flexibilities until June 30.
Fannie Mae reminds appraisers about their Appraisers page which can be found here.
This page is a tremendous resource, with links to LL-2020-04, FAQs, and the modified language that appraisers are required to use when performing a desktop or exterior-only inspection appraisals. It also features two videos, “Appraisal Report Instructions for COVID-19 Flexibilities” and “Six Tips for Appraisers on Using COVID-19 Flexibilities.”
Fannie Mae also has a page dedicated solely to COVID-19; it can be found here.
For information about how COVID-19 may impact your continuing education requirements, McKissock Learning ‘s COVID-19 page can be accessed by clicking this link.
Written by Dan Bradley. Daniel A. Bradley, SRA, CDEI is the Director of Online Appraisal Curriculum for McKissock Learning. He has been a practicing real property appraiser since 1987, and has been instructing and authoring appraisal courses since 1992. He is a state certified general appraiser in Pennsylvania and is currently on the FHA appraiser roster. From 2004 to 2013, Dan was a member of the Pennsylvania State Board of Certified Real Estate Appraisers, serving for five years as vice-chairman and three years as chairman. He has also has served as a contracted expert witness appraisal reviewer for the Pennsylvania Department of State.