US REO P
Early last week, the GSEs announced temporary flexibilities to appraisal requirements when an interior inspection is not feasible due to COVID-19 concerns.Fannie Mae LL-2020-04Freddie Mac 2020-5Appraiser Resource Page On Friday, the FHA published their Mortgagee Letter, which offers similar guidance for allowing desktop appraisal reports and exterior-only appraisal reports to uphold social distancing requirements.FHA 2020-05 LRES is actively meeting with our clients to determine how they intend to proceed during this time, considering both the flexibilities offered by FHA and the GSEs as well as each client’s internal requirements and protocols. The choice to migrate from an interior product to a desktop or exterior is a decision specific to each client. As we gather that instruction from our clients, we will communicate the same to you via the engagement letter.In other news, officials published confirmation that valuation services in support of financial activities are exempt from shelter-in-place or stay-at-home mandates so long as social distancing rules are upheld. Be sure to have your LRES order engagement letter and exemption letter with you at each inspection you perform.CISA MemorandumLRES Exemption LetterNote 1: The State of Michigan recently released EO 2020-21 which appears to negatively impact BPO, inspection and valuation production. LRES is further reviewing the language to better understand the potential implications.Note 2: LRES has heard that law enforcement officials in Puerto Rico are limiting access to certain public roads. Always follow the instructions of law enforcement and let LRES know if you are unable to complete a requested assignment.As we continue to navigate this unfamiliar time together, please let us know what we can do to support you more fully. LRES Vendor Management Team vendormgmt@ ................
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