Appraisers worried about being exposed to COVID-19 while evaluating a house received some welcome news from Fannie Mae and Freddie Mac this morning.

The Federal Housing Finance Agency issued a directive allowing “alternative flexibilities to satisfy appraisal requirements” through May 17.

All homes being bought, sold or refinanced using a mortgage backed by either lender will only require a “desktop appraisal” or an exterior-only appraisal for the time being.

The measure, the FHFA statement said, would ensure the continued provision of credit in the real estate market.

Fannie Mae and Freddie Mac offered specific guidance on the conduct of desktop appraisals in guidance documents issued separately by each lender.

The announcement Monday provided additional certainty for a residential real estate market struggling with questions ranging from smoke detector inspections – resolved Friday in an executive order from Gov. Charlie Baker – to requirements for in-person document signing at closings and difficulties electronically filing documents at certain registries of deeds.

Fannie, Freddie OK Exterior-Only, Desktop Appraisals

by Banker & Tradesman time to read: 1 min
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