Fannie Mae & Freddie Mac are incorporating Desktop Appraisals into their Selling Guides for certain purchase loans starting March 19, 2022. Pro Teck is ready to meet the new requirements.
Lenders will receive a message from Desktop Underwriter® when a casefile is eligible for a Desktop Appraisal. Criteria include:
- Desktops are only available on one-unit principal residence purchase transactions with a loan-to-value ratio of no more than 90%.
- Appraisers must use 1004 Desktop/70D forms with modified instructions, scope of work, statement of assumptions and limiting conditions, and certification.
- The appraiser must obtain a Floor Plan with interior walls.
- More information can be found in this summary fact sheet published by Fannie Mae: https://singlefamily.fanniemae.com/media/30361/display.
To deliver to these specifications, Pro Teck will partner with trained realtors from our national panel to gather the required floor plans. Our realtors will utilize a software tool that accurately generates floor plan sketches with living area that meets ANSI property measuring guidelines. The inspection and software costs will be included in our 1004 Desktop/70D Desktop Appraisal fee.
We typically see improved cycle times with our limited scope desktops for Home Equity lending compared to traditional appraisals. We expect a ramp-up period for this new program but believe cycle times should improve once the program matures.
This program and future modernization efforts are good news for the industry. If you would like to learn more about 1004 Desktops and your options with Pro Teck, please reach out to your Client Relations contact.