Fannie Mae Updates Temporary Selling and Appraisal Policies in Response to COVID-19
Fannie Mae updated two Lender Letters yesterday, LL-2020-03 and LL-2020-04, to its single-family sellers communicating temporary policies in response to the COVID-19 national emergency.
LL-2020-03, Impact of COVID-19 on Originations, has been updated to include the following additional sections:
- Age of documentation
- Verification of self-employment
- Market-based assets
- Powers of attorney
- Remote online notarization
- Lender quality control requirements
See each section in the Lender Letter for applicable effective dates.
LL-2020-04, Impact of COVID-19 on Appraisals, has been updated to include the following additional sections:
- Flexibilities for new construction loans
- Flexibilities for HomeStyle® Renovation loans (replaces HomeStyle Renovation and HomeStyle Energy requirements section)
The following existing sections have also been updated:
- Temporary appraisal requirement flexibilities
- Identification of a Fannie Mae loan
- Completion reports (Form 1004D)
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 our webpage.