It has been a year since the statement that Government Sponsored Enterprises (GSEs) will start accepting desktop appraisals for conventional loans. In light of this, Mark Walser, president of Incenter Appraisal Management, and Clayton Collins, CEO of Housing Wire Media, discussed remote desktop appraisals and what the lending community has discovered about them.
According to Walser, the lending business was surprised because many of the businesses had anticipated that this new desktop would somewhat mimic the COVID flexibility of the past. And as it turns out, this is essentially a new product. An interior floorplan with wall divisions is necessary. The appraiser must also provide some verification. As a result, many vendors were not ready to offer those floor plans.
According to Walser, the market has reached a stage where requirements are better recognized, and lenders are beginning to collaborate more with manufacturers of assessment technology. ‘I believe you will see more adoption and prevalence as lenders begin to investigate this, as appraisers start to feel more at peace with the criteria, and as they look to businesses like ours that offer a solution for things like floor plans, Walser said.
According to Walser, the greatest thing lenders can do to fulfill desktop appraisal standards and produce floor plans needed is, first and foremost, to work with vendors who have a clear product and a solution that can automate this process for them and their appraiser. By doing this, most lenders would be able to appreciate the ease that comes with desktop appraisal in their business. Click here to read more.
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