April 01, 2020
GSEs, Agencies Issue Coronavirus Guidance for Appraisers
The government-sponsored enterprises, agencies and other policymakers have all issued valuation guidance since March 23 to help clarify how appraisers can perform their work during the coronavirus pandemic, and all new guidance is available on the Appraisal Institute’s coronavirus page.
Recent activity includes:
The Federal Housing Finance Agency announced March 23 that Fannie Mae and Freddie Mac will ease standards for both property appraisals and employment verification. Specifically, the FHFA said appraisal alternatives will be used to prevent appraisers from having to inspect a home’s interior.
The Department of Housing and Urban Development announced March 27 that it is making modifications to the re-verification of employment and Acceptable Appraisal Reporting Forms and Protocols for Federal Housing Administration loans by allowing exceptions for exterior-only and desktop appraisal inspections in certain transactions.
The Department of Veterans Affairs announced March 27 that it will allow appraisers to perform exterior-only appraisals with enhanced assignment conditions or, in limited instances, a desktop appraisal.
The Department of Agriculture announced March 27 that it is granting lenders temporary exceptions pertaining to appraisals, repair inspections and income verification for the Single-Family Housing Guaranteed Loan Program. The exceptions are in effect for a 60-day period.