Freddie Mac’s COVID-19 related policies and guidance for Servicers have been developed under FHFA direction and in conjunction with Fannie Mae’s COVID-19 related policies and guidance. %PDF-1.5 %���� 12 Specifically, in order for homes to be bought, sold and refinanced, Freddie Mac will provide flexibility in employment verification requirements and leverage appraisal alternatives for eligible mortgages to address challenges lenders and borrowers are facing due to COVID-19. h�b```f``�``a`���ˀ �@ �h``��5C'(��A~�������z{��� ��l C�G � �`�~�����M��^�184��Í�D����iF��؁�0�:����4�@ ��� �� ̻(� We are working closely with Freddie Mac under the guidance of FHFA to offer these temporary measures. TO: Freddie Mac Sellers SUBJECT: EXTENSION OF TEMPORARY FLEXIBILITIES RELATED TO COVID-19. COVID-19 prompts Fannie Mae, Freddie Mac to adopt alternative appraisal methods. The Federal Housing Finance Agency announced this morning that it is instructing Freddie Mac and Fannie Mae to use alternative home appraisal methods until May 17. With this DSR in place, Freddie Mac SBL may allow loans to proceed amid the potential economic impacts of COVID-19 and be purchased with certain modified due diligence reports, such as appraisal, zoning, inspection, physical risk report and seismic. We are providing liquidity and stability to our customers, business partners and other stakeholders who are vital to our business and the industry. 2) Copy the entire text below, including the word “DESKTOP,” and paste it into your report. affected by the Coronavirus Disease 2019 (referred to as COVID-19). In pre-coronavirus days, lenders called the borrower’s employer for a verbal verification. when a Seller cannot obtain an appraisal with an interior inspection as a result of the COVID-19 pandemic, Freddie Mac will accept either an appraisal with an exterior-only inspection or a desktop appraisal in lieu of the interior and exterior inspection appraisal required under Guide Section 5601.5(a). A�L|�_3012�)"�3,�` �Y How Can You Clear Up Confusion About Appraisals? These FAQs provide additional information on the temporary policies. We are actively tracking the pandemic and are making decisions based on guidance from public health authorities. Fannie Mae, Freddie Mac relax appraisal, employment verification standards in wake of coronavirus Will allow drive-by and desktop appraisals in certain circumstances March 23, … FAQ COVID-19 Selling - Collateral FAQs affected by the Coronavirus Disease 2019 (referred to as COVID-19). Freddie Mac Announces Temporary Purchase and Refinance Eligibility Requirements for Borrowers with Existing Mortgages; May 13, 2020. Washington, D.C. – Today, to facilitate liquidity in the mortgage market during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020. We will allow either a desktop appraisal or an exterior-only inspection appraisal in lieu of the interior and exterior inspection appraisal (i.e., traditional appraisal). Freddie Mac Announces Online Resources to Help Consumers; May 19, 2020. Freddie Mac’s COVID-19 related policies and guidance for Servicers have been developed under FHFA direction and in conjunction with Fannie Mae’s COVID-19 related policies and guidance. Freddie Mac will be relying on the text in the Map Reference # field to identify the type of appraisal (exterior-only) completed. For borrowers on an active COVID-19 forbearance plan as of February 28, 2021, Freddie Mac provides up to 18 months of forbearance for borrowers with a COVID-19-related hardship. The Appraiser’s Certifications, approved for use with desktop and exterior-only appraisals prepared using the COVID-19 flexibilities, require the appraiser to report the condition of the improvement in factual, specific terms. The appraiser may rely on subject property information form third-party data sources.
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