Changes being made by the Federal Home Loan Mortgage Corp. relax requirements for appraisals, condominiums and jumbo mortgages. Also impacted are assets used to make payments.
Freddie Mac is now allowing unlicensed and trainee appraisers to perform and sign an appraisal report in accordance with state law. They can also perform a completion report as long as a supervisory appraiser signs it.
The secondary lender is eliminating the requirement that photos for comparable sales from multiple listing services only be used when original photographs can’t be obtained.
Source: Mortgage Daily