While we know that appraisers are not allowed to collect data from interested parties, it’s still possible to use the information they provide as long as it is verified. With appraisal independence safeguards, how is the use of a real estate agent or builder being involved in gathering the data (or sketch via technology) acceptable, since they would be compensated with the closing of that loan?.For additional information, see About Desktop Appraisals: FAQ #4. Examples could include reviewing receipts, municipal records, building permit data, etc. Verifying any upgrades would require a similar validation process to what is utilized when a standard desktop appraisal (FNMA 1004 / Freddie Mac 70) is completed. How do appraisers verify the upgrades sent in by borrowers or realtors? They have the potential to contain biased information.For additional information, see Desktop Appraisal Assignments – A Practical Guide for Appraisers or About Desktop Appraisals: FAQ #4. What AIRS-compliant sources can appraisers receive data from (for the floor plan and other data)?Īssuming AIRS is referring to Appraisal Independence Requirements compliance, appraisers can obtain data from the typical property data sources, such as independent third-party real estate data aggregators, municipal records, past sales, etc.to research the pertinent facts about the property. Additionally, the appraiser can request a real-time video call with a person at the property to verify and/or supplement any information not available through the marketing materials. The appraiser will utilize additional data sources customarily used to complete the appraisal process including tax assessment and municipal records, aerial or satellite imagery, plat maps, deeds, etc. What 3rd party assistance is available for provisioning interior photos, sketches, etc.?Īs this will apply to eligible purchase transactions, data typically found in an extensive marketing package available through either the MLS or the listing office website that includes extensive photographs of every room, a virtual walk-through, and a detailed floor plan may have a high degree of potential success to meet the data criteria for a desktop appraisal.Keep reading for answers to the most common and pressing questions around desktop appraisals: Data Collection Desktop Appraisal Assignments – A Practical Guide for Appraisers.Understanding Desktop Appraisals: Takeaways from Fannie Mae and Freddie Mac.5 Things to Know About Desktop Appraisals.Here are some resources to help you learn more about desktop appraisals at a high level: Instead, they will leverage data that can be made available via third parties (homeowner, realtor, builder, etc.) and through public sources. This means that, for some properties and loans, a licensed appraiser is now allowed to complete the home appraisal without physically visiting the property. What are desktop appraisals?īeginning in March 2022, Fannie Mae and Freddie Mac began to accept desktop appraisals. Below you’ll find answers to these questions organized in the following categories.Īnswers are provided by Reggora’s director of appraisal compliance and initiatives, Ken Dicks, as well as resources from our partners at Fannie Mae, Freddie Mac, and Class Valuation. In this post, we’ve compiled top questions that came up during the webinar as well as in conversations that we’ve been having with others in the mortgage community. If the webinar did nothing else, it made it clear that the industry has A LOT of questions about desktop appraisals and how they’ll work. You can also view part two, which follows up with the GSEs one month into permanent acceptance of desktop appraisals. Check out the on-demand webinar recording for part one here, and join 1,500 of your industry peers who have already watched. To help shed some light on the topic as it relates to desktop appraisals, we hosted a webinar with the experts from Fannie Mae and Freddie Mac along with Class Valuations' Chief Innovation Officer, Scot Rose, and Reggora’s CEO, Brian Zitin. Appraisal modernization is officially underway, and while it presents an exciting opportunity for lenders to reduce cycle times and is likely to improve efficiency in the market, it also brings a lot of questions.
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