Appraisal Resource Hub for our Valued Partners

Lenders

We are prepared and ready to help.

OLDSMAR, FL (March 17, 2020) – As the situation with coronavirus (COVID-19) continues to develop, our entire NAN team is ready and standing by to support your appraisal needs. NAN is open for business as usual. Even before this occurrence, our team was highly capable of working remotely, and we will be doing even more of that starting this week.

Appraisal updates and communication will continue throughout the country regardless if our physical office location is open or not. As many of you know, technology is the backbone of our business, and we can access that technology from anywhere. You will continue to get the same great service, you just may be talking to your favorite Nanner from a home office.

Specifically, in response to the pandemic, we have prepared with:

  • Remote access for 100% of our workforce to prevent disruptions in appraisal services
  • Video call/meeting hosting capabilities
  • Communication of safety precautions with every member of our extensive appraiser panel

Promoting health and safety. For everyone.

Nothing is more important than health and safety. We are taking multiple steps to minimize health risks to our team members, our appraisal panel, and your customers. These steps include communicating best practices for interacting with borrower/owner when scheduling appraisal inspections, as well as advising our appraisers to take measures to prevent the risk of infection by wearing gloves and a mask to inspections, and washing hands before and after each inspection.

Communicating SLAs and setting the right expectations.

Our team is communicating with the appraisers throughout the country every minute of every day. We are actively updating you, the lender, in order to set the right expectations with your customers. If there are certain markets with particularly harsh outbreaks, the goal is to keep you informed in order to plan accordingly to communicate any foreseen delays. We may also see delays in markets where mandatory curfews and closures on non-essential services are being put into place. We will continue to stay in touch with you as we learn about these occurrences.

We understand these times can be challenging, and we are here to help – whether it’s sharing information on current market environments, providing alternative solutions to appraisal needs, or being available and accessible to answer any questions you or your borrowers may have along the way. Patience, communication and setting realistic expectations will go a long way as we navigate through these challenging times, and we intend to do so as a partner, making every effort to support your continued success.

Looking forward

Our thoughts are with all those impacted and with the health care professionals on the front lines treating them. We wish everyone well as we navigate this global health challenge together.

– Joni Pilgrim, CEO

Coming Soon.

As more of the country moves toward “shelter in place” orders, it’s important for lenders and appraisers to understand alternative solutions for valuations in lieu of the traditional interior inspection. Below you will find Fannie/Freddie acceptable alternative valuation products.

Fannie/Freddie acceptable alternatives:

Exterior-Only Appraisal

May be obtained in lieu of a traditional interior inspection for purchase money loans and limited cash-out refinances where the loan being refinanced is owned by Fannie Mae. The minimum scope of work includes a clear, descriptive photograph that shows the front of the subject property and appropriately identified, any other data-as an attachment or addendum to the appraisal report form-that are necessary to provide an adequately supported option of market value, a street map that shows the location of the subject property and all of the comparable sales that the appraiser used.

Products listed in NAN’s portal as:
•Exterior-Only – 2055 – Single Family Residence
•Exterior-Only – 1075/466 – Condo
•Exterior-Only – 2095 – Cooperative Interest (Co-op)
•Exterior-Only – Form 1025/72 – Multi-Family (2-4 unit)
•Exterior-Only – Form 1004C/70B – Manufactured Home

Desktop Appraisal

For purchase money transactions when a traditional interior appraisal is not available, lenders are encouraged to obtain a desktop appraisal rather than an exterior-only appraisal. The minimum scope of work for a desktop appraisal does not include an inspection of the subject property or comparable sales. The appraiser relies on public records, MLS information, and other third-party data sources to identify the property characteristics. The report will include a location map indicating the location of the subject and comparable photographs of the subject property. These reports will be submitted to the UCDP.

Products listed in NAN’s portal as:
•Desktop – 1004/70 – Single Family Residence
•Desktop – 1073/465 – Condo
•Desktop – 2090 – Cooperative Interest (Co-op)
•Desktop – 1025/72 – Multi-Family (2-4 unit)
•Desktop – 1004C/70B – Manufactured Home

 

Download This Document

As the situation with coronavirus (COVID-19) continues to develop, we are looking to our lender partners for insight into your anticipated business needs. As a national AMC, we depend on you, the lenders, to keep us informed in order to set realistic expectations with appraisers throughout the country.

Please take a moment to complete a quick survey and help us to understand and deliver better communication.

Thank you!

Lender Poll
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Appraisers

As the situation with coronavirus (COVID-19) continues to develop, we are looking to our lender partners for insight into your anticipated business needs. As a national AMC, we depend on you, the lenders, to keep us informed in order to set realistic expectations with appraisers throughout the country.

Please take a moment to complete a quick survey and help us to understand and deliver better communication.

Thank you!

Appraiser Poll
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Best Practices for Appraisers

We are prepared and ready to help.

As the situation with coronavirus (COVID-19) continues to develop, our entire NAN team is ready and standing by to support our appraiser panel. NAN is open for business as usual.

Appraisal updates and communication will continue throughout the country. We are asking for open communication with our appraisers as we look to identify markets where mandatory curfews and closures on non-essential services are being put into place.

Patience, communication and setting realistic expectations will go a long way as we navigate through these challenging times, and we intend to do so as a partner, making every effort to support your continued success.

Ask Questions.

It’s important to screen the borrower/owner when scheduling the appointment to identify any risk of infection. This is also a great time to let them know you will be wearing protective clothing, such as a mask and gloves at time of inspection and allow them to ask you questions as well. Screening should be limited to questions about the coronavirus and related symptoms such as:
  • Is anyone in your household currently sick with a fever and/or a cough?
  • Has anyone in your household been diagnosed with the coronavirus or been exposed to a person who has or is suspected of having the coronavirus?
  • Have you or anyone in your household returned from international travel within the last 2 weeks?
If you believe that there is risk of infection due to the answers you receive, do NOT schedule the inspection. Reach out to NAN immediately so we can inform the lender and place the appraisal request on hold.

Wear protective clothing.

Take extra precautions to protect yourself. Let the borrower know that you will be wearing protective clothing at the time of inspection.

Wash your hands and use hand sanitizer.

If possible, wash hands before and after each inspection, and use hand sanitizer frequently. The best way to protect yourself and others is to wash your hands thoroughly for 20 seconds.

Stay home if you are not feeling well.

If you are not feeling well, stay home, cancel any scheduled inspections, and let NAN know so we can provide alternative solutions to the borrower and lender. Remember, the goal here is to stop the spread of the virus. We can resume inspections when everyone is well.

Looking forward

Just as other real estate professionals, appraisers must be mindful of their obligations under the Fair Housing Act. We encourage everyone to use their best judgment and keep NAN informed so we can work with you to field each situation. Our thoughts are with all those impacted and with the health care professionals on the front lines treating them. We wish everyone well as we navigate this global health challenge together.

– Joni Pilgrim, CEO

Coming Soon.

Consumers

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