Fannie Mae updates appraisal guidance on impact of Covid-19

Federal Issues Covid-19 Fannie Mae Mortgages Forbearance CARES Act

On April 14, Fannie Mae updated certain elements of Lender Letter 2020-04 regarding the impact of Covid-19 on appraisals. The letter applies to all Fannie Mae Single-Family Sellers. Fannie Mae has updated its guidance regarding flexibilities for condominium project reviews, virtual inspections for appraisals and renovation loans, new construction loans, HomeStyle renovation loans in forbearance, use of lender variances and temporary appraisal flexibilities, and additional form instructions for appraisals.