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

Today, the Federal Housing Administration (FHA) issued a reminder that the temporary guidance concerning the use of exterior-only appraisal scope of work option policies will expire as intended on June 30, 2021.  After this date you will no longer be able to perform exterior only appraisals for FHA as previously allowed due to the COVID-19 pandemic.
 
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.