Fannie Mae Provides Further Temporary Guidance on Appraisals
In the wake of the COVID-19 pandemic, Fannie Mae has announced additional temporary guidance, including use of virtual inspections for appraisals and renovation loans, and flexibilities for condominium project reviews. Additionally, Fannie Mae updated information about flexibilities for new construction loans and Homestyle® Renovation loans, as well as other temporary appraisal requirement flexibilities. View more details here.
Fannie Mae has also released a video to help appraisers and lenders understand how to use the temporary flexibilities, including the modified scopes of work, how to perform thorough desktop appraisals, and more. Check out “Top 6 Tips for Appraisers on Using COVID-19 Flexibilities” and other resources on Fannie Mae’s Appraisers page.
Fannie Mae and Freddie Mac are also extending the implementation timeline for the redesigned Uniform Residential Loan Application (URLA) and updated automated underwriting systems (AUS) specifications to support the industry during the COVID-19 pandemic. The new mandate for required use of the redesigned URLA is March 1, 2021. The extension will provide lenders and other stakeholders additional time to prepare and implement the redesigned URLA. View more details here.
Due to disruption related to COVID-19, many states are temporarily allowing remote notarization in conjunction with paper-based loan closings. A new job aid from Fannie Mae provides information on use of remote ink-signed notarizations. View the job aid. For more information, contact Curtis Milton at 1-800-368-5242 x8597.
Latest from NAHBNow
Environmental Issues
May 30, 2025
NAHB Members Provide Final Recommendations for New WOTUS RuleNAHB members concluded their participation in multiple “waters of the United States” (WOTUS) listening sessions with strong showings in Washington, D.C., and Salt Lake City. In total, 12 NAHB members and four staff members from NAHB and state home builder associations (HBAs), representing 11 states, provided oral statements at listening sessions.
Workforce Development
May 30, 2025
Statement from NAHB Chairman Buddy Hughes on DOL Decision to Pause Job Corps Center OperationsNAHB Chairman Buddy Hughes issued the following statement after the Department of Labor announced it was pausing Job Corps center operations nationwide.
Latest Economic News
Economics
May 30, 2025
Multifamily Absorption Moves Lower for New ApartmentsThe percentage of new apartment units that were absorbed within three months after completion continued to trend lower, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA).
Economics
May 29, 2025
Treasury Yield Increase Drives Mortgage Rates Higher in MayMortgage rates continued their upward trend in May due to market volatility triggered by fiscal concerns and weaker U.S. Treasury demand. According to Freddie Mac, the average 30-year fixed-rate mortgage rose to 6.82% — a 9-basis-point (bps) increase from April. The 15-year fixed-rate mortgage increased by 5 bps to 5.95%.
Economics
May 28, 2025
Aging-in-Place Remodeling Work Fell While Familiarity and Receptiveness Remain HighOnly 56% of professional remodelers undertake projects designed to allow homeowners to Age-in-Place (AIP), according to results from NAHB’s Q1 2025 Remodeling Market Index (RMI) survey.