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Expiration of Exterior-Only Appraisal Scope of Work Option for FHA

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Today, the Federal Housing Administration (FHA) is issuing this reminder that the temporary guidance concerning FHA’s re-verification of employment, and exterior-only appraisal scope of work option policies will expire as intended on June 30, 2021.
 
This temporary guidance was first announced on March 27, 2020, in ML 2020-05, Re-verification of Employment and Exterior-Only and Desktop-Only Appraisal Scope of Work Options for FHA Single Family Programs Impacted by COVID-19 consistent with the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The policies in ML 2020-05 were updated with publication of ML 2020-37 to address the removal of the Desktop-Only option, and last extended through June 30, 2021, by ML 2021-06 on February 23, 2021.
 
Because recent data reflects low usage, FHA believes the expiration of this guidance will have a minimal impact to the industry.