Must a desktop appraisal or exterior-only inspection appraisal report be submitted “subject to” an extraordinary assumption?
The revised scope of work and certification removes the requirement for the appraisal to be submitted “subject to” an extraordinary assumption. If adequate information about the subject property is not available from a credible source, then the desktop or exterior-only inspection appraisal is not acceptable. Appraisers must have data sources they consider reliable. The assumption that data sources are correct is not considered an extraordinary assumption.
For more information, refer to the published Lender Letter LL-2020-04, Impact of COVID-19 on Appraisals.