The FHFA recently announced that desktop appraisals will become permanent. This change will give lenders a wider variety of appraisal options for each loan type, leading to greater agility and flexibility while they balance cost, turn time and the quality of loans.
The other benefit of permanent desktop appraisals will be standard forms and a standard data set for desktop appraisals, as opposed to the variety of proprietary forms that are in use today. Technology-enabled forms and a standard data set will allow appraisers to exchange data more efficiently with lenders and improve the process.
Overall, the change is a win for lenders, appraisers and consumers due to the flexibility it brings to the table.
There’s a stigma associated with desktop appraisals – the idea that they’re not accurate and don’t produce quality values. However, GSE data shows that desktop appraisals perform on par with the traditional appraisal process.
Desktop appraisals improve efficiency, take cost out of the process, drive faster turn times for appraisals and create a better borrower experience. Additionally, desktop appraisals help ensure objectivity and mitigate or eliminate the risk of racial bias or other prejudices in the appraisal process.
Accurate Group’s ValueNet platform is currently producing more than 20,000 desktop valuations a month. The platform drives appraiser efficiency and helps them increase their earning power.
To learn more about ValueNet, click here.