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 mortgage 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 Freddie Mac 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 mortgage industry overview.

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