On January 19, 2022, Fannie Mae announced a desktop appraisal option that goes live in Desktop Underwriter in March, making it possible to do an appraisal without a physical inspection.
So, what motivated this change in the rules? Why is it important?
What does a desktop appraisal option mean for appraisers? And how will it impact the real estate industry in general?
NIck Conteduca is the Senior Vice President of Tech Innovation and Subject Matter Expert at Opteon, a global real estate appraisal firm working toward the bold vision of same-day turn times.
On this episode of Industry Relations, Nick joins Rob and Greg to discuss Fannie Mae’s announcement, explaining what a desktop appraisal entails and the rules around who (or what) provides the information.
Nick weighs in on why there are only 75,000 appraisers in the US, describing how challenging it is to become a licensed appraiser and why the appraisal industry has a love-hate relationship with the new rules.
Listen in to understand why it’s unlikely that lenders will start using AVMs over appraisers and learn how the appraisal industry is evolving—and what technology can do to support appraisers, not replace them.
What‘s Discussed:
What motivated Fannie Mae’s new desktop appraisal option and why it’s a big deal
What a desktop appraisal entails and the rules re: who provides the information
How information for a desktop appraisal can be verified through virtual inspection technology
Why there are only 75,000 appraisers in the US and how they’re compensated
The appraisal industry’s love-hate relationship with the new desktop appraisal option
Why it’s unlikely that lenders will start using AVMs instead of appraisers
Why real estate data in public records and on the MLS is so inaccurate (and how appraisers correct the data in Fannie Mae’s Uniform Appraisal Dataset)
How challenging it is to become a certified appraiser as opposed to a licensed REALTOR
The relationships among appraisers, REALTORS and home inspectors
How the appraisal industry is evolving and how tech improvements might affect it
Connect with Nick:
Connect with Rob & Greg:
Resources:
Fannie Mae’s Desktop Appraisal Option Announcement
Fannie Mae’s Desktop Underwriter
Fannie Mae’s Desktop Appraisal FAQ’s
Fannie Mae’s Uniform Appraisal Dataset
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