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Housing Agencies Moving Quickly to Offer "Flexibilities" After Coronavirus

Monday, March 23, 2020

Fannie Mae has issued a series of three lender letters dealing with changes in appraisals, originations, and servicing protocols in response to the COVID-19 national emergency. Fannie Mae indicates that similar letters will be forthcoming from Freddie Mac under guidance from the Federal Housing Finance Agency (FHFA).

The letter regarding appraisals, (LL-2020-04) allows the use of exterior only appraisals and Desktop appraisals where complete interior and exterior appraisals cannot be obtained due to virus fears. If a traditional appraisal is not obtained and there is insufficient information about the property for an appraiser to be able to complete an appraisal assignment with a desktop or exterior-only inspection appraisal, the loan will not be eligible for delivery to Fannie Mae.

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