As companies continue to find ways to maintain operations while still keeping the safety of clients and customers at the top of their minds, Fannie Mae recently announced that they will be accepting Desktop Appraisals or Exterior Only Appraisals for most purchase or refinance loans in lieu of interior and exterior inspection appraisal (i.e., traditional appraisal). Allowing these desktop and exterior-only appraisals will help reduce the need for appraisers to enter homes and hopefully decrease the risk the potential of spreading or contracting the COVID-19 virus.
Traditional appraisals are still the preferred appraisal method, however, if that is not feasible then the desktop appraisal is the next preferred method, and finally an exterior-only appraisal. This updated standard will remain in place for all loans with application dates on or before May 17, 2020.
See the full Memo here.
For more information, please contact us and we can walk you through what this means if you plan on buying or selling a home in the next few months, (571) 429-7670 or [email protected].
