"I think, with the databases that they have available, that get built, have improved their overall visibility into the market, I think can mitigate some of that risk," said Pete Mills, senior vice president for residential policy and engagement at the Mortgage Bankers Association. Some properties fit a cookie-cutter mold others are more unique, especially in rural areas or urban cities that have historical relevance.īut the industry is confident today's technology is more than sufficient. In a traditional appraisal, a mortgage lender hires a state-licensed appraiser to perform an in-person inspection detailing the home's exterior and interior conditions, with documentation in photographs, along with a floor plan that determines the property's living space. The real estate industry is confident in remote appraisals Last month, Fannie and Freddie began accepting desktop appraisals nationwide for all eligible transactions. Adomatis, vice president of the Appraisal Institute. "They understood they needed to keep the flow of money going and without the appraisal, was going to stop the mortgages," said Sandra K. While some questioned whether remote appraisals could be accurate, they kept deals on track at a time of wariness over in-person interactions. And they have become more common ever since. ![]() Mortgage giants Fannie Mae and Freddie Mac accepted them on a temporary basis. Home appraisers could opt out of an in-person inspection if enough online data was available on the property. ![]() In March 2020, the Federal Housing Authority gave permission for optional "desktop appraisals" as a response to the health risks of COVID-19. Originally a temporary emergency measure, it appears that remote appraisals are now here to stay. What is the house worth? This is where appraisers step in to independently determine the property's value.įrom the start of the pandemic, though, appraisers have been putting price tags on houses without ever setting foot on the property. When someone is looking to buy a home, a mortgage lender will ask a simple question. The appraisals done for home sales are increasingly done remotely rather than in person.
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