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COVID-19 UPDATE

Mar 24, 2020

On Monday, March 23rd, Fannie Mae, Freddie Mac and the FHFA announced temporary flexibilities to appraisal requirements when an interior inspection is not feasible, due to COVID-19 concerns. This is effective immediately for all loans in process and on new applications dated through May 17, 2020.

The GSEs have taken the necessary steps to allow valuations services to continue through the use and acceptance of alternative products. Valuation services are currently believed to be exempt from the many ‘Shelter in Place’ orders, as such services fall under financial services.

Under Fannie Mae Lender Letter LL-2020-04, the agencies will allow either a desktop or an exterior-only appraisal in lieu of an interior appraisal under the below guidelines. Lenders are encouraged to obtain a desktop appraisal rather than an exterior-only appraisal.

To ensure compliance with the agencies’ requirements, Allstate Appraisal, L.P. is updating its Letters of Engagement to provide guidance to all vendors regarding the new required certifications for permissible alternatives. While we have seen some vendors choose to cancel all inspections for a period of time, this has not been the majority of vendors.

Allstate Appraisal, L.P. is 100% operational and is able to continue to take your orders.

Please let us know how we can best support you at: info@allstateappraisal.net.

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