How should a lender address markets with “shelter in place” mandates where appraisers are not deemed an essential workforce?
Lenders may use flexibilities described in our lender letter. Travel restrictions will likely vary from location to location, and lenders and appraisers should comply with all applicable requirements in their jurisdiction. There may be instances where an appraisal simply cannot be obtained until circumstances change.
For more information, refer to the published Lender Letter LL-2020-04, Impact of COVID-19 on Appraisals.