BAC Desktop appraisal

[cniles]

What is it? Where can I learn how to complete one? More and more lenders are asking for them, and I really do not have any idea what form and what exactly they are needing. Can anyone load and example of one? Is there a class that you know of that teaches how to complete one? I do not mean to sound ignorant, I have been a full time Res. Appraiser for 30 years. I am thinking it it time to figure this out.

 

[ucbruin]

I surmise that it's like the other desktops of 2021....
You do the same work without having to inspect the subject and sales....
Have agent and/or homeowner email you interior and exterior photos....

 

[TerryRohrer]

If you are using Total software, the form is BACDESK21. I have never seen it outside CoreLogic on behalf of Bank of America, but I suppose others can be using it. I haven't done any because I haven't figured out how to slop something together for their $125 fee when the work required to develop an opinion of value is essentially the same as the 1004, with just a bit of time saved in reporting it.

 

[glenn walker]

Why not call your software provider and ask them about the form ?

 

[OSU Beavers]

Just tell them that there is insufficient public data to complete a Desktop so you need to at least drive by the subject and comps. They will upgrade it to a 2055.

 

[Alsie35]

Why not call your software provider and ask them about the form ?

Because its no longer a software form. You do it on the client's "cloud form" online. I used to do a few Corelogic BAC desktops for $125 when they were a simple ACI form (NO, they were NOT like the recent '1004 Desktop' abomination which ought not misuse that name because its actually a HYBRID, not a 'desktop').

Anyhow ... these real desktops have been around for at least 15 years (I was involved in the testing and roll-out of the internal Worlds Savings Bank desktops back in 2006-7) and are primarily used by lenders to monitor non-performing assets, or, as with these BAC reports, to give a HELOC loan.

That's what all of the Corelogic BACs I ever did in the old days were for. HELOCS. Ditto with the ones I did (on a simple ACI form), for the Travis Credit Union, also for $125. You could get one done in about a half hour.

About 4-5 years ago Corelogic changed to their cloud-based platform form which was so complicated I stopped doing them. (Not to mention they dropped the fee that was offered to $50. The nerve.)

You don't wanna use a simple ACI form? Go find another appraiser.

 

[Whtwhale]

If you are using Total software, the form is BACDESK21. I have never seen it outside CoreLogic on behalf of Bank of America, but I suppose others can be using it. I haven't done any because I haven't figured out how to slop something together for their $125 fee when the work required to develop an opinion of value is essentially the same as the 1004, with just a bit of time saved in reporting it.

I simply don't see the time savings in them. You need to verify 100% of the data provided by the homeowner/agent as opposed to simply observing these items and reporting on them in a traditional 1004. What if the pictures and the data received contradict? Sounds like a lot of time waste and extra risk. If they want to save time/not have appraisers enter the home then just order a 2055 exterior. The $125 fee is interesting though, there can't be any appraiser in the country who is accustomed to being paid anywhere near this low for a 1004. It's almost like they're saying "When we have an army of newly certified former uber drivers, this is what we expect to pay."

 

[Deleted member 157170]

CoreLogic used to send these out to me. I refused. One time they wanted a 5+ million property BAC for $40. I’ve known one appraiser that has done them. They didn’t seem to focus on them though. I think they’re a scam. Another way to get a valuation for pennies on the dollar.

 

[ramrcdk]

Just tell them that there is insufficient public data to complete a Desktop so you need to at least drive by the subject and comps. They will upgrade it to a 2055.

OR they will cancel and go elsewhere. Cheap Fee? How much $40 ...wow...sad.

 

[Carnivore]

OR they will cancel and go elsewhere. Cheap Fee? How much $40 ...wow...sad.

That's not sad. No, that's appraisers being stupid or ones who are desperate. Then again the lender/AMC will pay more . All of a sudden the so called appraiser shortage has now turned into an appraiser Glut!