Fannie Mae Issued Lender Letter LL-2020-04: Impact of COVID-19 on Appraisals (Letter). Per the Letter, Fannie Mae will allow exterior-only and desktop appraisals in-lieu of the traditional interior and exterior inspection appraisal when an interior inspection is not feasible because of COVID-19 concerns. In addition, the Letter announced the revision of existing appraisal report forms, encourages lenders to accept appraisal waiver offers when eligible, and added temporary flexibilities for new construction and HomeStyle Renovation loans.
The temporary flexibilities to appraisal requirements are effective immediately for all loans in process and will continue to apply to all loans with application dates on or before May 17, 2020.
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