The Appraisal Standards Board, Fannie Mae, Freddie Mac, and the Federal Insurance Deposit Corporation recently issued new guidance.
ASB Provides Guidance on Interior Inspections and Modification of Standard Appraisal Forms
The ASB provides guidance on interior inspections during a national health emergency. In addition, the ASB has issued new guidance on modifying a “Standard” Appraisal Form with a Fixed Certification and Scope of Work.
Fannie Mae Issues Temporary Guidance on Appraisal Requirements and Completion Reports
Fannie Mae issued Lender Letter LL-2020-04 providing temporary guidance on appraisal requirements and completion reports, including allowing exterior-only and desktop appraisals for many transactions.
Freddie Mac Allowing Temporary Exceptions to Appraisal Requirements
Freddie Mac is revising its appraisal inspection and reporting requirements. Freddie Mac will accept either an appraisal with an exterior-only inspection or a desktop appraisal under certain conditions.
Federal Deposit Insurance Corporation Provides Guidance on Inspections and Appraisals.
FDIC has compiled a list of FAQs, which answers questions about inspections (Answer # 12) and Appraisals
(Answer # 13).