Impact of COVID-19 on Appraisals for MPF Xtra Loans
Effective Date: Immediately (unless otherwise noted)
On April 21, 2021, Fannie Mae issued an update to Lender Letter LL-2020-04: Impact of COVID-19 on Appraisals, extending the effective date of this Lender Letter from April 30, 2021 through May 31, 2021.
After May 31, 2021, Fannie Mae Lender Letter LL-2021-04 will no longer apply and PFIs should follow all standard MPF Xtra Selling Guide policies.
PFIs and Servicers of MPF XTRA must follow the relief policies and guidance issued by Fannie Mae, including the announcements below and by visiting Fannie Mae’s COVID-19 webpage.
In addition, PFIs and Servicers originating, delivering or servicing:
- MPF Traditional (Conventional) loans must follow the policies and guidance recently issued by the MPF Program. Please visit the MPF Website to view recently published MPF Announcements.
- MPF Government loans and MPF Government MBS loans, must follow policies and guidance issued by the applicable Government Agencies.
- MPF Direct loans, must follow policies and guidance issued by the product’s investor, Redwood Trust.
To gain a full understanding of these topics, PFIs and Servicers should review the entire Fannie Mae Lender Letter plus any applicable Fannie Mae Guide chapters, forms, or exhibits noted in the announcement.
- MPF Announcement 2021-38