Desktop Appraisals to Become Permanent

Great news from FHFA this week.
The agency announced that in 2022 , Desktop appraisals will become permanent.

A Desktop appraisal is when an appraiser completes an appraisal with public records
Instead of visiting the home. The agency temporarily allowed this for a period in March 2020 to help the appraisal process when Covid became a major national issue.

This is fantastic news especially in more rural areas. Rural areas have less appraisers, which makes turn times extremely long. A desktop appraisal will limit the amount of driving and allow appraisers to do more appraisals – thus helping speed up the mortgage process.

I’m very excited about this development for consumers and lenders.