Overview of the GSE's New Desktop Appraisal Processes for Agents

Live class date 5/27/2022

A basic, yet comprehensive, understanding of the GSE’s new Desktop Appraisal Process is formulated by Agents completing this course. The course precisely defines and explains the drivers of the Federal Housing Finance Agency (FHFA) goals for Appraisal Modernization at the GSE’s – Fannie Mae and Freddie Mac. Agents examine the ways that advanced technology, big data, and computer analytics are changing residential appraisal practice forever. Agents are also introduced to several advanced technology tools.

Agents explore the anticipated benefits that the GSE’s expect from Desktop Appraisals. However, the current flux over which specific technology tools work most effectively and the current absence of predicted cost savings are explained to agents. Agents learn about promising future benefits – including time and cost savings – and what advancements are expected as the market gains mastery of these new tools.

A lender’s perspective on employing the GSE’s new Desktop Appraisal Process is studied by agents. The new appraisal reporting form, 1004 Desktop, is presented for agents. The new detailed Dimensional Floorplan requirement for Desktop Appraisals is examined by agents. Agents will also achieve a basic understanding of the new 3D Scanners that generate detailed Dimensional Floorplans for Desktops.

The Desktop Appraisal’s “Appraiser’s Certification #10” is explored by agents, who gain an understanding of the difference between inspection data and photos that are considered already verified versus those that must be independently verified by appraisers. In addition, agents will learn property and transaction details for eligibility, as well as property and transaction types that are ineligible, for Desktop Appraisals.

The course concludes with an examination of common desktop misunderstandings among some appraisers, along with other reasons for appraiser resistance to this initial phase of Appraisal Modernization. Agents are encouraged to participate in all classroom discussions to maximize their learning and to share their knowledge with the class.