To help make prudent underwriting decisions, mortgage lenders rely on appraisers to provide thorough, accurate, and objective appraisal reports for reliable opinions of market value.
The appraisal is used to judge the property’s acceptability for the mortgage loan requested in view of its value and marketability.
Impact of COVID-19 on Appraisals
We have issued temporary guidance on appraisal requirements, including allowing desktop and exterior-only appraisals on many mortgage transactions. The guidance is being updated as needed.
- Temporary guidance (Lender Letter LL-2020-04)
- Modified Set of Instructions, Scope of Work, Statement of Assumptions and Limiting Conditions, and Certification for Desktop Appraisals
- Modified Set of Instructions, Scope of Work, Statement of Assumptions and Limiting Conditions, and Certification for Appraisals with Exterior-only Inspection
- Appraisal Report Instructions for COVID-19 Flexibilities - View video
- Six Tips for Appraisers on Using COVID-19 Flexibilities - View video
View Fannie Mae’s COVID-19 update page for additional information
Career Opportunities in Residential Property Appraising
Event Opportunities - There are no new events. Check back later for future events.
The UAD is a component of the Uniform Mortgage Data Program® (UMDP®), jointly established by Fannie Mae and Freddie Mac under the direction of the Federal Housing Finance Agency to provide common requirements for appraisal and loan delivery data.