Story by Valuation Review
Fannie Mae’s recent announcement pertaining to a desktop appraisal option will have significant impact within the
appraisal arena. This method is for certain loans submitted after March 19 of this year.
“This is certainly one of the biggest changes to appraisal policy in years, and it represents a great opportunity for appraisers, lenders and borrowers,” Clear Capital Executive Vice President of Corporate Strategy Kenon Chen told Valuation Review. “There have been several large-scale efforts over the past couple of years to ensure that the technology, data and quality results are there to support this change, so it is encouraging to see it become an option for increasing appraisal capacity.
“Lenders will certainly applaud the opportunity to remove some of the friction associated with obtaining an inspection and see lesser closing delays for purchase loans in this increasingly competitive market,” Chen added. “And many appraisers we have spoken with seem open to how this could benefit their business if they are able to rely on predictable volume that can be done at their desk.”
Perhaps, just as important Chen pointed out, is the data requirements for a desktop appraisal take the industry closer to digitizing properties in a way that can lead to something more transformational and equitable for homeowners and homebuyers.
