Mortgage Giants Ease Appraisal Requirements

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to provide alternative appraisal requirements and employment verifications on loans the agencies service through May 17. The guidance is in response to the COVID-19 outbreak.
“To allow for homes to be bought, sold, and refinanced as our nation deals with the challenges of the coronavirus, [Fannie Mae and Freddie Mac] will leverage appraisal alternatives to reduce the need for appraisers to inspect the interior of a home for eligible mortgages,” the FHFA said in a statement.
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