Desktop Appraisals: What We’ve Learned So Far
Now that desktop appraisals and ANSI sketching standards have both been implemented, let’s dive into things we’ve learned, words from Fannie Mae, and more!
At the beginning of the year, Fannie Mae and Freddie Mac announced they would include a desktop appraisal option for some loan types starting the weekend of March 19, 2022. Fannie also implemented ANSI Sketching requirements in early April.
After these announcements, appraisers reached out to us for advice, commented on our blogs, and questioned floor plan options and whether ANSI standards would apply to desktop appraisals.
The appraiser shouldn’t be burdened with creating a floorplan, and desktops do not have to follow ANSI standards. A quote directly from Fannie Mae’s Standardized Property Measuring Guidelines states that “No. The ANSI standard is not required for desktop appraisals.” It is important to remember that desktop appraisals require floorplans. However, you should be able to access this documentation from the agent or another third party.
During a recent Housing Wire webinar, Lyle Radke, Sr. Director of Collateral Policy at Fannie, told attendees, “The reason why we are requiring a floor plan is to help inform the appraiser… To be clear, we are not asking appraisers to somehow generate floor plans on properties they haven’t inspected. The burden is on the lender or on the counter parties to the lender, the borrower or the seller or the real estate agent to produce or provide for a floor plan. The appraiser should receive this as part of the order or at least receive instructions for where this is to come from as part of the ordering process. The burden should be on the lender to make sure the appraiser will have access to the floor plan and the other information they’ll need to do their job.”
Appraisers tell us they are saving time and money since they don’t have to drive to comps or inspections, and they’re getting paid close to or about the same as a typical 1004. That may not be the case with all lenders and AMCs. However, we know many are paying top dollar to get quality, reliable, and fast desktop appraisals. If you’re looking to add this order type to your portfolio and let your clients know, don’t forget to update your profile in Anow Marketplace. Plus, with Nexus, you can complete these assignments from anywhere, not just the desk in your office.
- Fannie Mae Standardized Property Measuring Guidelines https://singlefamily.fanniemae.com/media/30266/display
- One Month In: Talking Desktop Appraisals with Fannie Mae and Freddie Mac [Webinar] https://www.housingwire.com/webinar/one-month-in-talking-desktop-appraisals-with-fannie-mae-and-freddie-mac/