FNMA Appraisals For Cash Out

SVP at a bank ($222MUSA)
Hi Everyone,

Hope you are all healthy.  Question on what people are doing for appraisals if its a cash out refinance which wasn't owned by Fannie.  Their guidance only referenced lightening up on appraisals if it was a purchase or a past Fannie loan.  Appraisers wont go in houses even if they were let in and Fannie isn't allowing a new loan to be sold to them with the drive by appraisal if it is a cash out...since the majority loans are now refinances this is somewhat of an issue especially if you took the application planning to sell to Fannie several weeks ago and now interior appraisals aren't happening.  Some loans may have been locked already with Fannie.  

Also, has anyone seen any guidance from Fannie on loans that you are delivering mandatory that may be delayed due to COVID.  

Thanks and stay healthy!

    My takeaway from the California Mortgage Bankers Association's inaugural Mortgage Innovators Conference

    Attending the Mortgage Innovators Conference in San Diego this past week was a very interesting and an eye-opening experience. The conference, sponsored by the California Bankers Association, specifically gave insight on the latest efforts of leading Fintech companies in the mortgage industry to improve the process of making mortgage loans to their consumers. Expert speakers from these companies covered topics from using new software platforms to enhancements in technology that will move the industry into digital mortgages. The overall goal was how to streamline the business processes to reduce cost, increase efficiency, and create a better consumer experience. 

    One particular hot topic that was highlighted was the increased use and dependency of social media in communicating with their customers and to market the different lending programs to potential borrowers. The emphasis on cell phone friendly applications was key to implementing consumer engagement strategies, account maintenance, service innovations, and new platform designs. 

    The incorporation of HousingWire to gather leading companies to attend and exhibit at the conference was very valuable since they analyze the most innovative technology companies in the U.S. housing economy. Several companies such as SimpleNexus, Blend, and BeSmartee were among the FinTech companies breaking new ground on making strides to move the processing of loans to a new era. 

    Bringing together industry leaders, technology decision-makers, and vendors to explore, learn, exchange best-in-class ideas, technology, solutions, and solve real problems was a perfect opportunity for lenders across the country to network with attendees to discuss challenges and opportunities ahead.  

    What news or emerging tech from this conference are you most interested in?

      CBANC Network Announces New TRID Compliant Calculator

      CBANC Network is pleased to announce the integration of LodeStar's fee quoting service into our Lendwell platform. A long-time Lendwell partner, LodeStar helps lenders save time and money by automating the closing cost quoting process. Their TRID complaint quotes are 100% guaranteed for accuracy and include transfer taxes, recording fees, and title costs. Both first mortgages and home equity loans are supported. The new Fee Calculator is now available through your Lendwell platform. LodeStar's online demo can be accessed by clicking on: For more information, contact Joe Walsh ( at 512-583-4576.