Updates are being made to the Federal Home Loan Mortgage Corp.’s appraisal policies. The change is being made to streamline requirements.

Freddie Mac’s underwriting guidelines require that a new appraisal is obtained when the settlement date is more than 120 days after the note date.

But in an effort to streamline appraisal policies, the McLean, Virginia-based government-sponsored enterprise is eliminating that requirement.

Source: Mortgage Daily