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COVID-19 and the Appraiser

  We want to share with you updated information regarding the Corona Virus and you as the appraiser in real estate transactions, legal cases or personal appraising. There are five documents, listed as links, discussed by title.

1. LENDER LETTER (LL-2020-04) from Fannie Mae -
This notice was sent to lenders on March 23, 2020, explaining the various options available to them, the LENDER, for appraisals needed. You will note Fannie Mae provides several options for exterior only appraisals and desktop appraisals. This document is provided to give you, the appraiser, an idea of where your lender clients may be coming from in the following days and weeks.http://www2.ranw.org/pdf2/Fannie Mae COVID-19 Appraisal LL-2020-04 032320 Final (1).pdf

2. FANNIE MAE MODIFIED INSTRUCTIONS FOR SCOPE OF WORK/CERTIFICATIONS/LIMITING CONDITIONS FOR BOTH DESKTOP AND EXTERIOR APPRAISALS (these are two separate documents)
This notice provides language that you may, or may not, want to use if you're asked to do an exterior only or desktop appraisal during this period.
Desktop Appraisal Form: http://www2.ranw.org/pdf2/desktop-appraisal-forms-covid-temp-certification.docx
Exterior Appraisal Form: http://www2.ranw.org/pdf2/exterior-appraisal-forms-covid-temp-certification.docx

3. GOVERNOR EVERS' EMERGENCY ORDER #12 SAFER AT HOME ORDER
This notice states on Page 13, that appraisers are essential businesses and can operate during the Order period. This doesn't mean you have to operate, that is up to you individually and as a company. https://evers.wi.gov/Documents/COVID19/EMO12-SaferAtHome.pdf

4. USPAP Q&A
The USPAP Q&A is a form of guidance issued by the ASB to respond to questions raised by appraisers, enforcement officials, users of appraisal services and the public to illustrate the applicability of USPAP in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. The USPAP Q&A may not represent the only possible solution to the issues discussed nor may the advice provided be applied equally to seemingly similar situations. USPAP Q&A does not establish new standards or interpret existing standards. http://www2.ranw.org/pdf2/QA 2020 - 2 - March 23 2020.pdf

These documents are for your information. Please read them thoroughly and carefully and apply them as necessary for your business.

Judd D. Stevenson, RANW President
Stevenson Appraisal
PO Box 174
Neenah, WI 54957-0174
Stevensonappraisal@gmail.com

 

 

 

 


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