GSEs Extend COVID-19 Temporary Flexibilities

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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.

Dan BradleyWritten 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.

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