The Coronavirus has impacted all of us, both personally and professionally. At Pro Teck we are taking aggressive steps to protect the health and safety of our employees, appraisers and borrowers. We are also finding creative solutions to support the critical role of housing finance during these uncertain economic times.
We have all experienced challenges with interior inspections over the past week as appraisers, brokers and borrowers, concerned for their safety and/or under some level of ‘shelter-in-place’ restrictions, delay or cancel inspections.
Pro Teck has been meeting with key stakeholders and putting alternative programs in place to provide viable, compliant solutions that address these challenges. We have a long history of providing technology and product alternatives to full appraisals. These have more typically been used in Home Equity lending, servicing and capital markets but are viable choices for today’s challenges with loan origination.
Today’s announcement by FHFA, directing the GSEs to provide flexibility with appraisal, is very positive news: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Directs-Enterprises-to-Grant-Flexibilities-for-Appraisal-and-Employment-Verifications.aspx
If you are seeing interior inspection delays and cancellations effecting the delivery of real estate appraisals, we would like to set up a call to explore potential solutions. Pro Teck’s alternative appraisal and valuation products can be paired with an exterior inspection and/or a VALIDITY “virtual” inspection completed by the homeowner. Some alternatives could include:
• Exterior Inspection by Appraiser
• Exterior Inspection by Real Estate Agent/Broker
• VALIDITY virtual inspection completed by Borrower
With the VALIDITY virtual inspection, the homeowner receives a web link by email. The link launches a step-by-step questionnaire (smart phone, tablet and PC compatible) prompting them to take all needed photos, provide commentary and upload other pertinent information. Designed by our Chief Appraiser and Chief Compliance Officer, the questionnaire provides more background and context than photos alone.
If you would like to discuss options or brainstorm solutions, please contact your Pro Teck representative or email email@example.com.