Desktop appraisals into Selling Guides for many new purchase loans…

Fannie Mae’s and Freddie Mac’s Refinance Programs for Low- and Moderate-Income Borrowers and Restores Desktop Appraisal Flexibility…

The Federal Housing Finance Agency (FHFA) announced two measures to sustainably advance the affordability of homeownership for mortgage borrowers across the nation, especially those in underserved communities…

Fannie Mae and Freddie Mac will be incorporating desktop appraisals into their selling guides for new purchase loans. Is this a good thing that an appriser is just going off of tax bills and the internet and not seeing the inside of your home…

The Federal Housing Finance Agency (FHFA) said “Expanding eligibility for low- and moderate-income families to refinance their mortgage and lower their monthly payments, together with leveraging desktop appraisals to reduce inefficiencies in the mortgage process, are meaningful steps towards overcoming barriers to affordable and sustainable homeownership,” said FHFA Acting Director Sandra L. Thompson. “Today’s actions demonstrate that FHFA will continue to act purposefully and in dialogue with its stakeholders to minimize market disruption and ensure its regulated entities operate in a safe and sound manner.” https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Two-Measures-Advancing-Housing-Sustainability-and-Affordability.aspx

FHFA when on to say “Enterprises will incorporate desktop appraisals into their Selling Guides for many new purchase loans starting in early 2022. The use of desktop appraisals by the Enterprises was one of several temporary flexibilities initiated last year in response to the COVID-19 pandemic. This decision is the result of a thorough review of data collected from use of the loan flexibilities, as well as input received from the Request for Input (RFI) and public listening session on appraisal-related policies, practices, and processes”.

As I talked about the Ibuyer, I believe the Ibuyer industry is pushing this that I can buy a home on the internet… I believe this does not give the true appraisal of your home. Please let me know your thoughts.

All The Best, Dave