Whether completing an Exterior-Only Appraisal, which limits face-to-face contact for certain ... concerning the COVID-19 outbreak and initiated actions to stem the threat to ... Mortgagees are reminded that Exterior Appraisal forms Fannie Mae 2055 and Fannie Mae 1075 are not FHA approved forms and are not Fannie Mae In this issue 2 COVID-19 appraisals: No assumptions 2 Why should value rep and warrant ... exterior-only or a desktop appraisal, the appraiser must have a current data source for each relevant characteristic, including interior condition. Fannie Mae and Freddie Mac, for example, are accepting appraisals with either an exterior-only inspection (which some folks are referring to as a “drive-by” appraisal) or a remote desktop inspection for some transactions when interior access is not available. A traditional appraisal with an interior and exterior inspections are required for all of the following: Condominium Project Reviews (effective 7/28/2020) AIG will follow the guidance provided by Fannie Mae© in their COVID-19 release LL-2020-04, updated 7/9/2020, Flexibilities for Condominium Project Review. Appraisals with FHA Exterior-only Inspection For FHA Exterior-Only Appraisals Using COVID-19 Temporary Flexibilities and Reported on Fannie Mae Form 1004, 1073, 1004C, or 1025 EXTERIOR This modified set of instructions, Scope of Work Statement of … Fannie Mae-owned Traditional appraisal Exterior-only appraisal *Per guidance above, new construction loans are not eligible for exterior-only appraisals. For refinances of non-Fannie Mae owned loans and all cash-out refinances, a traditional appraisal is required.
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