|The GSEs provided temporary guidance on appraisal requirements on March 23, 2020. After reviewing the guidance and talking to the GSEs, this memo provides our product recommendations regarding the new guidance.
First, for Home Equity, Portfolio and Servicing valuation products, we do not recommend a change. We recommend that AVMs, Evaluations, Desktop Appraisals, and Traditional Appraisals continue to be used in proactive product cascades during this time. Since things are evolving quickly, we will let you know if this recommendation changes.
Second, when Traditional Appraisals cannot be used (which we will continue to provide), our recommendations for first mortgage originations pursuant to yesterday’s guidance are provided in the chart below. To keep everything uniform, we utilized the GSE product matrix and added a column to indicate which valuation product we recommend for each scenario.