GSE Desktop and Hybrid PPT

[djd09]

How big mortgage lenders hope to clear the appraisal logjam​

Hoping to find at least a partial solution to that problem, the overseer of mortgage giants Fannie Mae and Freddie Mac will begin accepting more “desktop appraisals” in early 2022. The Federal Housing Finance Agency said recently that these remote valuations will take the place of some traditional appraisals, which require appraisers to visit properties that serve as collateral for mortgages.

Desktop appraisals will be available for “many” purchase loans, the agency said — although details are sketchy about precisely which homes or borrowers will be eligible. Instead of physically touring properties for sale, appraisers will inspect listing information and other data from their work stations, said Sandra Thompson, acting director of the Federal Housing Finance Agency.

“This can help each appraiser complete more loans in a day, and it can also help rural communities more readily obtain a necessary appraisal when the borrower is purchasing a property,” Thompson told mortgage bankers at a conference last week.

Realtors and mortgage brokers gripe about long delays for appraisals, and they describe appraisers demanding additional fees for such items as long drives, or for evaluations of unusual homes that lack comparable properties. Thompson unveiled the appraisal initiative during the annual conference of the Mortgage Bankers Association, news that spurred applause from the audience.

“America’s appraiser shortage has become a national crisis for home purchase lenders and the housing industry,” says Jeff Lazerson, president of Mortgage Grader in Laguna Niguel, California.

As Appraiser Shortage Delays Closings, Mortgage Giants Try Workaround | Bankrate

Fannie Mae and Freddie Mac next year will accept more "desktop appraisals" of homes for sale. These evaluations allow appraisers to work remotely, without visiting the property being appraised.

www.bankrate.com

dang, the banksters are a whiny bunch

 

[Joe Flacco]

The log jam has probably been cleared by now.

 

[Terrel L. Shields]

Realtors and mortgage brokers gripe about long delays for appraisals

Complain all they may, but I haven't been anywhere close to the deadline for closing since I don't know when. The last one I completed 3 weeks ago and the closing date was mid-January. I won't be the problem. I bet a lot of delays are when appraisals fall short. I had one and was getting short last summer - a couple weeks. But the contract was 2 months old. Seems they tried to take it FHA - and it was a used MH that had been moved into the site. HONK... agent should have known that would not fly. I had another sale where the seller was anxious to move and priced low so he could tend his aging parents in another town. The agent had a party looking for a home, called, they looked at it the same day it listed and made an offer. I was there within 10 days, and it closed ahead of the contract date. Meanwhile the buyers offered their home for sale (I had appraised it a year earlier) and its asking price was well above my year old appraisal and was snapped up in a week and was closed in under a month. I doubt the appraiser was a factor. The selling agent was the same for both parties and she did very well that month.

 

[Mejappz]

How big mortgage lenders hope to clear the appraisal logjam​

Hoping to find at least a partial solution to that problem, the overseer of mortgage giants Fannie Mae and Freddie Mac will begin accepting more “desktop appraisals” in early 2022. The Federal Housing Finance Agency said recently that these remote valuations will take the place of some traditional appraisals, which require appraisers to visit properties that serve as collateral for mortgages.

Desktop appraisals will be available for “many” purchase loans, the agency said — although details are sketchy about precisely which homes or borrowers will be eligible. Instead of physically touring properties for sale, appraisers will inspect listing information and other data from their work stations, said Sandra Thompson, acting director of the Federal Housing Finance Agency.

“This can help each appraiser complete more loans in a day, and it can also help rural communities more readily obtain a necessary appraisal when the borrower is purchasing a property,” Thompson told mortgage bankers at a conference last week.

Realtors and mortgage brokers gripe about long delays for appraisals, and they describe appraisers demanding additional fees for such items as long drives, or for evaluations of unusual homes that lack comparable properties. Thompson unveiled the appraisal initiative during the annual conference of the Mortgage Bankers Association, news that spurred applause from the audience.

“America’s appraiser shortage has become a national crisis for home purchase lenders and the housing industry,” says Jeff Lazerson, president of Mortgage Grader in Laguna Niguel, California.

As Appraiser Shortage Delays Closings, Mortgage Giants Try Workaround | Bankrate

Fannie Mae and Freddie Mac next year will accept more "desktop appraisals" of homes for sale. These evaluations allow appraisers to work remotely, without visiting the property being appraised.

www.bankrate.com

dang, the banksters are a whiny bunch

And yet they continue to pass mandates that will only continue to slow down the process(See ANSI). Wait until the Realtors and Mortgage Brokers find out their client's 800 SF; second story can't be counted as GLA because it is off by less than an inch according to ANSI/Fannie mandates. You can't make this stuff up.

 

[Mejappz]

View attachment 57830

Complain all they may, but I haven't been anywhere close to the deadline for closing since I don't know when. The last one I completed 3 weeks ago and the closing date was mid-January. I won't be the problem. I bet a lot of delays are when appraisals fall short. I had one and was getting short last summer - a couple weeks. But the contract was 2 months old. Seems they tried to take it FHA - and it was a used MH that had been moved into the site. HONK... agent should have known that would not fly. I had another sale where the seller was anxious to move and priced low so he could tend his aging parents in another town. The agent had a party looking for a home, called, they looked at it the same day it listed and made an offer. I was there within 10 days, and it closed ahead of the contract date. Meanwhile the buyers offered their home for sale (I had appraised it a year earlier) and its asking price was well above my year old appraisal and was snapped up in a week and was closed in under a month. I doubt the appraiser was a factor. The selling agent was the same for both parties and she did very well that month.

I just completed an update for an appraisal I competed back in April. Yeah, let the BS rain down.

 

[sputnam]

Pure speculation on my part, but I think the primary motivation is time. $ is a secondary motivation IMO, but who knows except those promoting these products...

Time might be #1 for some Lenders... but, try to charge the same fee for a hybrid, driveby, or desktop as you do for a full inspection appraisal and see what happens.

 

[ramrcdk]

SO then HOW ABOUT: Those "DESK-TOP ORDERS" where an interior detailed floorplan IS required in the REPORT
and sure to be HOURS of extra Work AND the EXTRA FEE for these types of services. NOW that is a JOKE an
AT your Desk-top Report with an Interior Floorplan (no longer referenced as a "Sketch").
Given ANSI and then a detailed floorplan: That also ADDS an evil twist to the 2022 Hybrids,
part A & part B and our signature, liability for the next half-a-decade.
ANSI: Guess the standard CYA will be : code "GXX001" placed in the "Additional Features List" of the Report.

JUST another way to GET more info' (standardized) for their Computers that have gobbled our data freely for many years now.

 

[shrubberyvaluation]

And yet they continue to pass mandates that will only continue to slow down the process(See ANSI). Wait until the Realtors and Mortgage Brokers find out their client's 800 SF; second story can't be counted as GLA because it is off by less than an inch according to ANSI/Fannie mandates. You can't make this stuff up.

It really shouldn't matter for value. It just makes the report messy. You have a 1,200 Sq.Ft. GLA cape COD and an 800 GLA cape COD that the market sees the same (and they appear the same from the exterior), because one is minus an inch in ceiling height. So you make no adjustment for the GLA and have to make commentary instead of being able to use common sense. So much for not being misleading.

 

[ramrcdk]

It really shouldn't matter for value. It just makes the report messy. You have a 1,200 Sq.Ft. GLA cape COD and an 800 GLA cape COD that the market sees the same (and they appear the same from the exterior), because one is minus an inch in ceiling height. So you make no adjustment for the GLA and have to make commentary instead of being able to use common sense. So much for not being misleading.

Right ON!!! From market... currently there is NO extracted difference in utility-use-market appeal of the ANSI Standards extracted space.