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Desktop appraisals, Why?

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xm2841

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Ive been getting a good amount of desktop appraisals recently, at least one, sometimes 3 or more a day. They only take a bit to complete so its not too bad but about 30% of the time I reject them and request a full 1004 for various reasons. Whats the reason for these desktops? Ive come up with some conclusions of my own.... The lender is buying paper and wants something on the loan they purchase, the lender is keeping it in house and wants something to update the file, I cant see a desktop as being acceptable for a mortgage transaction though. Anyone know anything about why these desktops are ordered?

JW
 

Mztk1

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Dec 3, 2006
Professional Status
Certified Residential Appraiser
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Florida
Is it for Bank of America or Providian?
 

PropertyEconomics

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Jun 19, 2007
Professional Status
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State
New Mexico
My belief is instead of doing desktops you are essentially doing appraiser assisted AVMs ... just my guess.
 
Joined
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State
North Carolina
To get your E&O on the hook for the liability.
 

Restrain

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Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
It depends on the risk factor for the lender. Generally used for equity loans or low LTV refis.
 

leelansford

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Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Ive been getting a good amount of desktop appraisals recently, at least one, sometimes 3 or more a day. They only take a bit to complete so its not too bad but about 30% of the time I reject them and request a full 1004 for various reasons. Whats the reason for these desktops? Ive come up with some conclusions of my own.... The lender is buying paper and wants something on the loan they purchase, the lender is keeping it in house and wants something to update the file, I cant see a desktop as being acceptable for a mortgage transaction though. Anyone know anything about why these desktops are ordered?

JW

Uhhhhhhh...as you undertake such an assignment, what is your understanding of the Intended Use of your appraisal?
 

Amy Perkins

Senior Member
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Jul 20, 2003
Professional Status
Certified Residential Appraiser
State
Tennessee
My guess would be that they are for equity lines of credit for small loans.
 

Laughing Heir

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Oct 16, 2007
Professional Status
Certified General Appraiser
State
Pennsylvania
...the lender is keeping it in house and wants something to update the file...

This sounds like a valid possibility.

If you are getting that many per day it is probably for portfolio accounting. Some of the larger BPO companies do this for hard money and sub-prime lenders.

If you have remote access to the County Records of Deed's Office, see if you can establish a pattern with the dates the mortgage liens were recorded. I have a friend that works at a large lender, he's told me in the past that they update the non-performing mortgages every six months with BPOs and desktops.
 

Carnivore

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Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Uhhhhhhh...as you undertake such an assignment, what is your understanding of the Intended Use of your appraisal?

Lee,

I got to hand it to you. You are sharp, straight to the meat of the issue!

Barney Fife, "Here at 'the Rock,' we have two basic rules. Memorize them so you can say them in your sleep.

Rule One: Obey all rules!

Second, do not write on the walls...as it takes a lot of work...to erase writing...off of walls."
 
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