Fannie Mae Communicates Temporary Appraisal Policies for Borrowers Impacted by COVID-19
March 23, 2020
Today, Fannie Mae released Lender Letter (LL-2020-04), Impact of COVID-19 on Appraisals, to its single-family sellers communicating temporary policies in response to the COVID-19 national emergency.
The Lender Letter provides information about the following:
- Temporary appraisal requirement flexibilities
- Desktop appraisals
- Exterior-only inspection appraisals
- Revisions to the scope of work, statements of assumptions and limited conditions, and appraiser’s certifications
- Additional form Instructions for appraisals
- Identification of a Fannie Mae loan
- Appraisal waivers
- Delivery requirements
- Completion reports (Form 1004D)
- HomeStyle® Renovation and HomeStyle Energy requirements
These temporary flexibilities are effective immediately for all loans in process and remain in place for loans with application dates on or before May 17, 2020.
Learn more about what Fannie Mae is doing in response to the COVID-19 emergency on the Our Approach page.