Appraisals reported on this form must be completed in accordance with the UAD Specification as noted in B4-1.2-02, Desktop Appraisals. AGA, MNAA, Accredited Green Appraiser - Licensed in WA State since 2003. FHA Desktop Appraisals For FHA Desktop Appraisals Using COVID-19 Temporary Flexibilities and Reported on Fannie Mae Form 1004, 1073, 1004C, 1025, or 1004D Update DESKTOP This modified set of instructions, Scope of Work, Statement of Assumptions and Limiting Conditions, and Certification See B2-1.5-02,Loan Eligibility, for information regarding property valuation requirements for mortgage loans sold to Fannie Mae more than four months from the note date. Fannie stated that two or more appraisals on the . What is a desktop appraisal? Tags: appraisal news appraisal software COVID-19 desktop appraisal Fannie Mae Fannie Mae - Freddie Mac Freddie Mac hybrid appraisal scope of work selling guide SOW Uniform Standards of Professional Appraisal Practice USPAP. How has it gone? In many cases, desktop appraisals will . Remote appraising is all the rage. For this reason, investors and private lenders love desktop appraisals. GSEs Collaborated on Guideline Development. Fannie Mae Form 1004 (Desktop) Home » Desktop Appraisal Survey. Today, Fannie Mae updated its Lender Letter LL-2021-04, Impact of COVID-19 on Appraisals, communicating to its single-family sellers that the effective date of this lender letter is extended to May 31, 2021. These evaluations allow appraisers to work remotely, without visiting the property being appraised. Fannie Mae has announced they will soon start accepting Desktop Appraisals. Sandra Thompson, acting director of the FHFA, said both Fannie Mae and Freddie Mac will allow appraisals to be conducted remotely, using public records such as listings and . Fannie and Freddie are NOT giving preference to desktop appraisals over exterior appraisals. They are much cheaper than a full appraisal, and the turnaround time is much quicker. Leaders from Fannie Mae and Freddie Mac, along with leading AMC Class Valuation and appraisal technology company Reggora, sat down to help . It is a shorter appraisal form than the traditional appraisal and is performed by an appraiser who typically never visits the property. — Desktop appraisal: Beginning March 19, Fannie Mae will add desktop appraisals as an option for eligible loans through its Desktop Underwriter system. Fannie's New Desktop FAQs. Jan. 19, 2022, Fannie Mae released its new Desktop Appraisal Option through DU. Does the property need to be measured per ANSI measurement standards per Fannie Mae's requirements? The news was welcomed by mortgage lenders who continue to face challenges due to the appraisal choke point in the mortgage process. This Lender Letter contains the policies previously published in LL-2020-04 on Dec. 10, 2020, with the changes noted below. If you read the updated Frequently Asked Questions (Mar.26, 2020, page 3-6), they clearly state that the drive-by appraisals are for refi-transactions (because they need some current photos) and the desktop-appraisals are for purchases (because recent photos might be in the MLS). First, over the coming months, Fannie Mae and Freddie Mac (the Enterprises) will expand certain eligibility requirements for their RefiNow and Refi Possible refinance programs aimed at assisting low-income borrowers. One month ago, Fannie Mae and Freddie Mac began permanently accepting Desktop Appraisals. The appraiser does not inspect the property; however an interior floor plan including walls is required. At some point, it may be extended to the Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073 / Freddie Mac Form 465/465H/465D) and/or to other appraisal forms. This fact sheet provides high-level information on Fannie Mae's requirements for desktop appraisals and answers some frequently asked questions. They use info such as tax records and multiple listing service (MLS) data. Desktop Appraisals will use form 1004/70D Desktop; ADDITIONAL 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. Purpose: Form 216 is used on 1-4 income investment properties and 2-4 family owner-occupied properties. On October 18 th, the Federal Housing Finance Agency (FHFA) announced plans to allow Fannie Mae and Freddie Mac ("the Enterprises") to permanently accept desktop appraisals for new purchase loans starting in early 2022. Some loans may be eligible for an appraisal waiver, and an appraisal is not required if the lender exercises the waiver and complies with the related requirements. This session will provide an overview of the key elements of upcoming changes to desktop appraisal assignments and new square footage measurement requirements. They then provide relief from enforcement of representations and warranties on the value and condition of the property. Let's call them Desktops with third party inspectors. Fannie Mae economists recently conducted a mortgage lender sentiment survey to understand lenders' views on appraisal modernization, and the overwhelming majority — 94% — said modernization . First, the DU loan casefile will receives a PIW offer and it is then exercised by the lender. Extending the effective . The instructions and FAQ's below have been provided by Fannie Mae and Freddie Mac to reinforce proper use of the appraisal forms and the Map Reference field label - exterior or desktop. Since then, the industry has weighed in. On December 15, 2021, Fannie Mae announced that it will be adopting ANSI Measuring Standard in 2022.. Appraisers will be required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring . An appraisal waiver is an offer to waive the appraisal for eligible transactions, including mortgages purchased by Fannie Mae and Freddie Mac. Beginning in March 2022, desktop appraisals will be an option for some loan transactions. Property Address City State Zip Code Selling / Servicing. Leaders from Fannie Mae and Freddie Mac, along with leading AMC Class Valuation and appraisal technology company Reggora, sat down to help . Instead of an appraisal, valuations supporting the mortgages are performed by Fannie and Freddie in-house, using proprietary analytics and deep stores of property data. FHFA: Desktop Appraisals to Become a Permanent Option. The government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, have created two new Uniform Appraisal Dataset (UAD)-aligned appraisal forms: the 1004 Desktop and the 1004 Hybrid. Lyle Radke of Fannie Mae explained that this was done at the behest of the Federal Housing Finance Agency (FHFA) to ensure alignment between the GSEs, and their final proposal was thoroughly vetted. A desktop appraisal allows an appraiser to complete a valuation using online information rather than an in-person property visit. • Desktop Appraisal: An appraisal assignment for which the scope of work does not include . Wednesday, January 19, 2022. Desktop Appraisals. 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 . Panelists: Lyle Radke, Senior Director, Collateral Policy, Fannie Mae. The team at Fannie Mae were the first to announce requirements lockstep with their Regulator that desktop appraisals will become a normal . Some are excited about this new option, but most are skeptical of the risk. Fannie Mae and Freddie Mac define a desktop appraisal as "an appraisal assignment for which the scope of work does not include field work by the appraiser and does not include reviewing a recent interior/exterior property data report." An appraiser may be able to conduct a virtual inspection remotely; however . When the effective date of the original desktop appraisal report is more than four months from the date of the note and mortgage, a new appraisal is required. Beginning in March 2022, desktop appraisals will be an option for some loan transactions. To . An appraisal waiver is an offer to waive the appraisal for eligible transactions, including mortgages purchased by Fannie Mae and Freddie Mac. The good news is that most lenders use these systems. - Map Reference Field. In today's Buzzcast, we dive into the new ANSI standards announced for appraisers. Manufactured Home Appraisal Report ( Form 1004C) Importantly, a desktop appraisal should not be confused with a hybrid appraisal. What Fannie Mae form will appraisers use to complete a desktop appraisal? What have the leading indicators been, and how can mortgage lenders implement desktops in . We understand Fannie Mae's . Please review this information at your earliest convenience. The price and turnaround time of a desktop appraisal can be as low as half of a full appraisal. There are a few others that are in the works and I will address those when more details are available. Desktop appraisal option to start in March - we would like to get your feedback. Desktop [Fannie Mae 1004 Desktop / Freddie Mac 70D] The traditional 1004/70 form will remain unchanged, and you will continue to use the traditional form in most cases. We applaud this move and are dedicated to supporting lenders in the adoption of 1004 Desktop appraisals. At NAN, we believe in technology, communication and accountability. How has it gone? . This data is used as a unique identifier for Fannie Mae internal processes. They use info such as tax records and multiple listing service (MLS) data. Fannie Mae announced on January 19, 2022 that they will be accepting desktop appraisals for eligible loan transactions. Rely on Fannie Mae's industry-leading automated mortgage loan underwriting system to: . A desktop appraisal is a property valuation that is completed at the appraiser's desk, using tax records and information listed on the multiple listing service (MLS), instead of through an in-person survey of the property. Both Fannie and Freddie allow the use of technology platforms consistent with USPAP to obtain reliable information. Pro Teck is ready to meet the new requirements. The effective date of the 1004 Desktop is required to be the same as the This can make the appraisal process cheaper and faster under the right circumstances. This in itself is over and above what most appraisers typically provide. Not all home buyers or properties qualify for an appraisal waiver. Read the form and compare and contrast . Fannie Mae economists recently conducted a mortgage lender sentiment survey to understand lenders' views on appraisal modernization, and the overwhelming majority — 94% — said modernization . The government-sponsored enterprises will use public records, including . 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