On March 23, 2020, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to allow the use of appraisal alternatives in order to reduce the need for appraisers to conduct interior property inspections for eligible mortgages through May 17, 2020. This should alleviate recent concerns over transaction delays due to a lack of appraisers who are able or willing to enter properties to conduct interior inspections.
In addition, in the event lenders cannot obtain verbal verification of the borrower's employment before loan closing, the Enterprises will allow lenders to obtain verification via an e-mail from the employer, a recent year-to-date paystub from the borrower, or a bank statement showing a recent payroll deposit.
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