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COVID-19 guidance from financial regulators and agencies

By April 1, 2020 No Comments
COVID-19 information from government financial regulators and agencies relating to the completion of inspections and valuations

This article provides the latest COVID-19 guidance from financial regulators and agencies relating to the completion of inspections and valuations. Included are links to the COVID-19 website, FAQs, and the latest guidance.

 

UPDATE: Clear Capital has released OwnerInsight, a new homeowner-enabled appraisal inspection tool, available for free and immediate use. Visit GetOwnerInsight.com to learn more and get started.

 

Federal Housing Finance Agency (FHFA)

The FHFA last updated COVID-19 guidance related to appraisals on March 31, 2020:
Website: Coronavirus Information Assistance
Latest Guidance:
FHFA Directs Enterprises to Grant Flexibilities for Appraisal and Employment Verifications
FHFA Authorizes Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers

Federal National Mortgage Agency (Fannie Mae)

Fannie Mae updated COVID-19 guidance to include guidance on new construction appraisals and completion reports on March 31, 2020:
Website: Our approach to COVID-19
FAQ: COVID-19 Frequently Asked Questions – Selling Valuation Practices during COVID-19
Latest Guidance:
Single-Family Lender Letter (LL-2020-03), Impact of COVID-19 on Originations,
Single-Family Lender Letter (LL-2020-04), Impact of COVID-19 on Appraisals

Federal Home Loan Mortgage Corporation (Freddie Mac)

Freddie Mac updated COVID-19 guidance to include guidance on new construction appraisals and completion reports on March 31, 2020:
Website: Freddie Mac COVID-19 Response
FAQ: COVID-19 Selling-related Frequently Asked Questions
Latest Guidance: Bulletin 2020-5 – Selling Guidance Related to COVID-19

U.S. Department of Veteran Affairs

The VA last updated COVID-19 guidance related to appraisals on March 27, 2020:
Website: VA Home Loans
Latest Guidance: Valuation Practices during COVID-19; Circular 26-20-11

U.S. Department of Housing and Urban Development (HUD)

HUD last updated COVID-19 guidance related to appraisals on March 27, 2020:
Website: COVID-19 (“CORONAVIRUS”) INFORMATION AND RESOURCES
FAQ: COVID-19 Questions and Answers

U.S. Department of the Treasury

The Treasury last updated COVID-19 guidance related to appraisals on March 24, 2020:
Website: Coronavirus: Resources, Updates, and What You Should Know
Latest Guidance: Statement by Secretary Steven T. Mnuchin on Essential Financial Services Workers

U.S. Department of Homeland Security, Cybersecurity & Infrastructure Security Agency (CISA)

Homeland Security last updated COVID-19 guidance related to appraisals on March 28, 2020:
Website:
Identifying Critical Infrastructure During COVID-19
Latest Guidance: Advisory Memorandum on Identifying Essential Critical Infrastructure Workers During COVID-19 Response, including workers supporting financial services activity and residential and commercial real estate services, including settlement services

Board of Governors of the Federal Reserve System

The Fed last updated COVID-19 guidance related to appraisals on March 30, 2020:
Website: Coronavirus Disease 2019 (COVID-19)
Latest Guidance: SR 20-6: Identification of Essential Critical Infrastructure Workers in the Financial Services Sector During the COVID-19 Response

 

Support for Clear Capital Customers

More information about how Clear Capital is helping you manage order pipelines is provided in this blog post: Converting on-hold orders to address the impact COVID-19 on appraisals.

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