April 15th, 2020 10:45 AM by Steven Hofberg
Last week we reported on the financial upheaval in the mortgage
market as a result of the coronavirus pandemic. The market remains extremely
volatile, with rates changing daily, even hourly at times. But we are very
encouraged by the fact that homes are being purchased and refinance mortgages
are closing, even under these extraordinary conditions. Everyone is taking
proper precautions, and avoiding face-to-face meetings.
Almost all parts of the mortgage lending process can be done
electronically. An interior appraisal inspection, however, is not one of them.
We have heard from our clients their very valid concerns about allowing the
appraiser to tour their homes. So, I am happy to give you some good news.
Fannie and Freddie have instituted temporary appraisal requirement
flexibilities that allow many mortgages to qualify for an appraisal waiver, or
an exterior only inspection. This includes purchases, which sometimes can
qualify for a desktop appraisal, for which the appraiser need not even visit
We expect more announcements regarding temporary accommodations
during the crisis, and we will report those to you as they happen. Also, please
keep in mind that rates are changing so often that locking a loan now requires
patience and close attention. Please contact
see what is being offered.
We want all of you and your families to stay healthy and safe.