Why is Fannie Mae requiring the appraisal include the entry “exterior” in the Map Reference field of the appraisal report?
This helps identify the scope of work completed. Because we are permitting exterior-only appraisals to be completed on forms that are typically used for interior and exterior inspection appraisals, we will be relying on the text in the Map Reference field to identify the type of appraisal (exterior-only) completed. It is critical that the Map Reference field show “exterior” when applicable.
For more information, refer to the published Lender Letter LL-2020-04, Impact of COVID-19 on Appraisals.