by George Opelka | Apr 10, 2020 | ACI Bulletins
The instructions and FAQ’s below have been provided by Fannie Mae and Freddie Mac to reinforce proper use of the appraisal forms and the Map Reference field label – exterior or desktop. Please review this information at your earliest convenience.
ACTION ALERT!! – Map Reference Field
When completing appraisal reports under the Fannie Mae and Freddie Mac COVID-19 temporary appraisal flexibilities, some appraisers are using the Map Reference field incorrectly.
Instructions From Fannie Mae and Freddie Mac
Map Reference field for COVID-19 temporary desktop and exterior-only appraisal flexibilities:
The Map Reference field on the Appraisal Report may only contain the word “desktop” or “exterior”. The Map Reference field should reflect the appraisal type agreed to with the acceptance of the assignment and the minimum scope of work required for the assignment.
The appraiser is responsible for determining what is the adequate scope of work for any assignment and may choose to expand the scope of work beyond the minimum requirements. The appraiser must include either “desktop” or “exterior” in the Map Reference field any time a traditional appraisal form is used to complete a desktop or exterior appraisal using the COVID-19 temporary flexibilities. No other words, characters, or phrases may be used or included.
- The 2055, 1075/466, and 2095 forms can only contain the word “exterior” in the Map Reference field.
- The 1004/70, 1073/465, and 2090 forms can only contain the word “desktop” in the Map Reference field.
- The 1025/72 and 1004C/70B forms can contain either “exterior” or “desktop” depending on the scope of work.
- Form 1004/70 with the indication “exterior” is NOT an acceptable option for an appraisal report for a loan delivered to Fannie Mae or Freddie Mac.
FAQs Related to Map Reference Field:If a desktop appraisal is ordered and accepted by the appraiser, may the appraiser expand the scope of work to include an exterior inspection of the subject property or comparable sales? In this situation, what identifier would the appraisal include in the Map Reference field?
Yes. The appraiser is responsible for determining what is an adequate scope of work for any assignment and may choose to expand the scope beyond the minimum requirements. In this instance, the appraiser would enter “desktop” as this reflects the appraisal type agreed to with the acceptance of the assignment and the minimum scope of work required for the assignment.
Using the COVID-19 appraisal flexibilities for a desktop appraisal report, what information must the appraiser include in the Map Reference field?
For a desktop appraisal report, the Map Reference field must ONLY contain “desktop”. No other entries may be included in this field. It is the Seller’s responsibility to ensure the appraisal is accurately reported.
Using the COVID-19 appraisal flexibilities for an exterior-only appraisal report, what information must the appraiser include in the Map Reference field?
For an exterior-only appraisal report, the Map Reference field must ONLY contain “exterior”. No other entries may be included in this field. It is the Seller’s responsibility to ensure the appraisal is accurately reported.
Fannie Mae resources for Appraisers:
Freddie Mac resources for Appraisers:
by George Opelka | Apr 3, 2020 | ACI Bulletins
On Friday, March 27, FHA and VA provided appraisal flexibilities during the COVID-19 pandemic for desktop and exterior-only appraisals. To best assist with the FHA and VA requirements, ACI has created three new addenda that include revisions to the Scope of Work, Statement of Assumptions and Limiting Conditions, and Certifications for these temporary desktop and exterior assignments. ACI has also updated the PAR® Logic and FHA PAR® Logic rules to satisfy the flexibilities, which will allow appraisers to run appropriate validation rules in scenarios where the “desktop” or “exterior” appraisals are used.
In the prior ACI bulletin, COVID-19 appraisal flexibilities from Fannie Mae and Freddie Mac were reviewed and solutions through the ACI software were provided, which are still available via WebUpdate.
Follow the instructions below to update your software.
- Download the FHA 2020 Desktop, FHA 2020 Exterior and VA 2020 Desktop addendums and updated rules to your ACI software by simply running the standard WebUpdate.
- Add the addendum to any blank report (1004, 1073, 1004C, 1025, 1004D) using the File > Add/Remove Forms feature.
- Save the form as a template for future assignments (COVID FHA 1004 Desktop).
- Special Instructions for the Map Reference field within the appraisal report.
- Desktop assignments: Type “DESKTOP” in the Map Reference field.
- Exterior assignments: Type “EXTERIOR” in the Map Reference field.
In order to begin using these forms, please visit the ACI Resource Guide, which includes links to the FHA and VA guidance and frequently asked questions for meeting the appraisal requirements for these assignments. This page includes previously communicated updates and FAQ documents for Fannie Mae and Freddie Mac as well.
Thank you for your business and support during this time. Most importantly, we hope you stay safe and healthy.
by George Opelka | Mar 27, 2020 | ACI Bulletins
First and foremost, we hope this email finds you healthy and safe. ACI remains committed to providing a high level of service and support through evolving market conditions.
Earlier this week, Fannie Mae and Freddie Mac announced as a result of the COVID-19 pandemic, which provides lenders with temporary flexibility on appraisal requirements. These measures allow for desktop and exterior-only inspection appraisals under the condition that a traditional appraisal cannot be obtained.
In order to meet these requirements, ACI has created two new addendum that include revisions to the Scope of Work, Statement of Assumptions and Limiting Conditions, and Certifications for these temporary Desktop and Exterior assignments. ACI has also created a GSE2020 PAR rules-set, which will allow appraisers to run appropriate validation rules in scenarios where the “desktop” or “exterior” appraisals are used.
Follow the instructions below to update your software.
- Download the GSE2020 addendums and updated rules to your ACI software by simply running the standard WebUpdate.
- Add the GSE2020 addendum to any blank report (1004, 2055) using the
File | Add/Remove Forms feature.
- Save the form as a template for future assignments (COVID 1004 Desktop).
- Special Instructions for the Map Reference field within the appraisal report.
- Desktop assignments: Type “DESKTOP” in the Map Reference field.
- Exterior assignments: Type “EXTERIOR” in the Map Reference field.
In order to begin using these forms, we recommend that you visit the ACI Resource Guide which includes links to the Fannie Mae and Freddie Mac guidance and frequently asked questions for meeting the appraisal requirements for these assignments.
Thank you for your business and support during this time. Most importantly, we hope you stay safe and healthy.
by George Opelka | Feb 20, 2020 | ACI Works
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