Weekly Real Estate News
Source: Housing Wire —
Through all the transformative and disruptive changes that have occurred over the past two years, there is one common thread that has emerged. Regardless of the size or complexity of a system or process, it is time to look at whether the impact it has on people is equitable. All people. And the appraisal process is no exception.
After a summer filled with overwhelming demand and too little appraisal capacity, which increased loan costs and time to close, there is finally light appearing at the end of the tunnel. Recently, the Federal Housing Finance Agency (FHFA) announced that desktop appraisals — which allow valuations to be remotely performed by utilizing public records like tax appraisals, listings and other digitized property information — first implemented as a temporary measure at the start of the pandemic, will become permanent beginning in early 2022.
