Reputed lender not initiating Appraisal

[Sameer S.]

3 weeks ago I got into a purchase contract for buying a property. We are underwriting approved loan from a reputed bank/lender (under the 10% down program). Further to which, bank initiated the expedite appraisal to the appraisal company however couple days later Shelter-in-place order was effective because of which appraisal company kept the appraisal request on hold. Recently, the appraisal company reached out to my agent confirming that guidelines have been relaxed and he can go and do the appraisal as per lender's requirement. However, now the lender is not issuing appraisal order stating some Fannie Mae guideline changes. I read through the Fannie Mae guidelines released on March 23rd and I see that they have actually relaxed some of the appraisal requirements but no where have they said to not initiate appraisals.

I'm in a big problem now where I'm already in a contact, underwritten loan, appraiser is ready to perform appraisal but lender doesn't want to initiate appraisal.

Should I be taking a legal route here? Can the lender put some orders like not to issue appraisal requests even when the appraisal company is ready to appraise the property?

[Don Konipol]

@Sameer S. The lender is probably no longer making any loans under the program you applied for. We are in unchartered waters; as the crisis worsens I expect there will be less and less economic activity, until everything’s at a virtual standstill.