Check regularly for new information
We understand our client’s concerns about health and safety and are continuously updating our services as per the social distancing guidelines. We will be updating this section regularly as the situation evolves.
Fannie Mae LL-2020-04 (Appraisals – updated May 05, 2020)
We are releasing information to our customers as quickly as possible and will update and republish this Lender Letter as new guidance becomes available. We have also published LL-2020-02, Impact of COVID-19 on Servicing, LL-2020-03, Impact of COVID-19 on Originations, LL-2020-06, Selling Loans in Forbearance Due to COVID-19, and Frequently Asked Questions.
National Credit Union Administration (NCUA) – April 21, 2020
The NCUA Board (Board) is adopting this interim final rule to amend its regulations requiring appraisals of real estate for certain transactions. The interim final rule defers the requirement to obtain an appraisal or written estimate of market value for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions, excluding transactions for acquisition, development, and construction of real estate.
Department of Veterans Affairs - Valuation Practices during COVID-19 (Updated) April 10, 2020
PURPOSE: On March 13, 2020, the President of the United States declared a National Emergency due to Coronavirus Disease 2019 (COVID-19). Loan Guaranty (LGY) is committed to protecting Veterans, appraisers and industry stakeholders while continuing to execute our mission of delivering VA home loan benefits.
Department of Veterans Affairs - Extended Relief Under the CARES Act for those Affected by COVID-19 - April 8, 2020
PURPOSE: On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), Public Law 116-136. The CARES Act protects borrowers with Federally backed mortgage loans who are experiencing financial hardship due to the COVID-19 national emergency.
Freddie Mac - COVID-19 Selling-related Frequently Asked Questions (FAQs) - Updated: Apr. 8, 2020
Fannie Mae - COVID-19 Frequently Asked Questions – Selling (Updated: Apr. 08, 2020)
In response to the COVID-19 national emergency, Fannie Mae and Freddie Mac have provided temporary guidance to lenders on several policy areas to support mortgage originations, appraisals, and quality control (QC). These FAQs provide additional information on the temporary policies. We will be adding more FAQs, therefore we encourage you to check in frequently for updates – refer to the “NEW” or “UPDATED” notations after the question.
HUD/FHA - COVID-19 Questions and Answers (Updated April 3, 2020)
HUD ML 2020-05: Mortgagee Letter 2020-05 (March 27, 2020)
Purpose: The purpose of this Mortgagee Letter is to inform Mortgagees and Appraisers of:
- FHA Single Family’s modification to the re-verification of employment requirements due to the Presidentially-Declared COVID-19 National Emergency Declaration
- FHA Single Family’s Exterior-Only or Desktop-Only Appraisal inspection option, which limits face-to-face contact for certain transactions affected by the Presidentially-Declared COVID-19 National Emergency Declaration
Department of Veterans Affairs- Lender Guidance for Borrowers Affected by COVID-19 (Dated March 27, 2020)
PURPOSE: This Circular provides guidance for Department of Veterans Affairs (VA) home loan borrowers affected by COVID-19 and describes temporary measures regarding loan origination, closing, and guaranty.
Department of Veterans Affairs- Circular 26-20-11; Valuations Practices During COVID-19 (Dated March 27, 2020)
PURPOSE: This Circular provides guidance for valuation and appraising for VA home loan purposes during COVID-19.
Freddie Mac - Selling Guidance Related to COVID-19 – Issued March 23, 2020
The coronavirus disease (COVID-19) is a rapidly evolving situation with significant economic implications and impacts to our Sellers and their Borrowers. In response to our Sellers' questions and concerns, this Bulletin provides:
- Temporary guidance related to our credit underwriting requirements
- Temporary guidance related to our property valuation requirements
- Expansion of our automated collateral evaluation eligibility
- An extension to the deadline for certain annual reporting requirements
Fannie Mae LL-2020-04 (Appraisals – updated March 23, 2020)
During this COVID-19 national emergency, in many cases lenders are unable to obtain an appraisal based on a full interior and exterior inspection of the subject property. In response, we are allowing temporary flexibilities to our appraisal requirements. We are working closely with Freddie Mac under the guidance of FHFA to offer these temporary measures.