FHA Extends Temporary Employment Verification and Appraisal Guidance Due to COVID-19

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In Mortgagee Letter 2020-20 dated June 29, 2020, the U.S. Department of Housing and Urban Development announced the extension of FHA temporary guidance regarding employment verification and appraisals due to COVID-19. The temporary guidance originally was announced in Mortgage Letter 2020-05 that was issued in March 2020.

Previously, the temporary guidance was extended from May 17, 2020 to June 30, 2020. Based on the latest extension, the temporary appraisal guidance is effective immediately for appraisal inspections completed on or before August 31, 2020, and the temporary verification of employment guidance is effective immediately for cases closed on or before August 31, 2020.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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