FANNIE MAE & FREDDIE MAC RELEASED THEIR GUIDELINES FOR THEIR NEW DESKTOP APPRAISAL PROGRAM INCLUDING BOTH APPRAISERS AND LENDER RESPONSIBILITIES
WHAT SHOULD YOU KEEP IN MIND AS AN APPRAISER?
CLASS VALUATION IS ONE OF THE ONLY AMCs EQUIPPED TO HANDLE DESKTOP APPRAISALS!
Recently, Fannie Mae and Freddie Mac released their new desktop appraisal guidelines, outlining responsibilities for both lenders and appraisers. It’s important to realize that there are requirements for the final report that go beyond what is outlined in the basic eligibility guidelines, and Class Valuation is one of only a few AMCs with the technology and capabilities to efficiently deliver fast, quality reports within these parameters.
ATTEND OUR UPCOMING WEBINAR TO LEARN MORE ABOUT THIS POLICY AND HAVE YOUR QUESTIONS ANSWERED:
As a member of Class Valuation's Panel, you are invited to attend our upcoming Class Act Council meeting to discuss what you need to know about desktop appraisals! This one-hour session will be dedicated to helping you understand the nuances of these new policies and allowing you an opportunity to ask any questions you need answered to help you succeed.
3/23 at 1 p.m. ET
Click here to register
BASIC ELIGIBILITY OUTLINED BY FANNIE MAE:
- Purchase Transactions
- One-unit properties
- Primary Residence
- LTV less than or equal to 90%
- DU Approve/Eligible Recommendation
IMPORTANT CONSIDERATIONS:
- There will be instances where it is not appropriate for the appraiser to perform the desktop appraisal and an interior & exterior inspection will be required
- The final report must include a floor plan, not a sketch. Follow the links to see how Fannie and Freddie define the difference.
- Both Fannie and Freddie allow the use of technology platforms consistent with USPAP to obtain reliable information.
- At a minimum, desktop appraisals must include photos of the front, rear, and street view, as well as kitchen, all bathrooms, and main living area of the subject property.
- If the appraiser does not have sufficient information to complete a credible report, they must refuse the assignment
- This means the appraiser must have enough information to identify the relevant property characteristics of both the exterior and interior, render an opinion on the properties quality and condition, and develop a credible opinion of value without the use of an assumption.
- Any information provided to the appraiser from someone with a financial interest (i.e. homeowner, broker, agent, etc.) must be verified through a third-party, disinterested source.
