When using alternative appraisal options the appraisal should be ordered thru the appraisal desk requesting “Covid 19 Drive By”

For Rate/Term refis ( check the credit report to determine who the current owner of the mortgage is)

If the information is not available on the credit report the following look tools may be used.
FNMA Loan Look Up
Freddie Mac Loan Look Up (FHLMC)
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FHA
- Appraisal alternatives must comply with Mtgee 2020-05.
- Value must be As Is
- Purchases – Exterior Only (2055) or Desktop Only appraisals are acceptable.
- Rate Term Refis/Simple Refis – Exterior Only (2055) appraisal is acceptable
- Cash out – Full traditional appraisal is required
- New Construction, Construction to Perm or Build on Own Land – Full traditional appraisal is required.