Mortgage Industry Overview | Implementation | Desktop Appraisals

 

Did you know Fannie Mae has recently made changes to help with favoritism in certain areas by implementing Desktop Appraisals. In this video I will explain what this means for the industry.
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When buying a new home or refinancing an existing mortgage, lenders may request an appraisal report before approving the new mortgage. Appraisal reports have been widely adopted over the last half-century, but recent data casts doubt on their legitimacy.

Aggregator, Fannie Mae discovered that a house owned by a white borrowers was more expensive than a black borrower. The disparity was around 10% meaning that the average $250,000 home lost a value of $25,000. To help eliminate the rating both Fannie Mae and plan to permit desktop appraisals for eligible files starting now!

Instead of doing an in-person examination of the property, a desktop appraisal is conducted at the appraiser’s desk utilizing tax records and information from the multiple listing service (MLS). Watch this video till the end to know this industry overview.

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