Deadline Extended to Implement Reconsideration of Value Requirements for Appraisals

FHA, Fannie Mae, and Freddie Mac have each extended the deadline for lenders to implement new requirements related to reconsideration of value requests for appraisals.  The new deadline is October 31, 2024.

Originally, the deadline was September 2, 2024, for FHA loans and August 29, 2024, for Fannie Mae and Freddie Mac loans, as previously covered by WBK.  The deadline was extended in response to industry feedback about the challenges lenders experienced in operationalizing the new policy.