Voxtur Analytics Corp., a North American technology company, applauds the recent decision by Fannie Mae and Freddie Mac to permanently allow desktop home appraisals beginning in March, the corporation announced in a press release.
To address the backlog of appraisals created by the pandemic, Fannie Mae and Freddie Mac temporarily implemented a desktop appraisal option in early 2020. Due to the success of this initiative, and on the heels of an announcement from the Federal Housing Finance Agency, desktop appraisals will now be a permanent option for purchase transactions, the company stated.
With this change, more lenders, borrowers, and appraisers will have the opportunity to benefit from Anow’s (Voxtur Analytics recent company acquisition) valuation technology.
“With this commitment from Fannie and Freddie to modernize appraisal, we will see a more efficient, transparent, and lower cost appraisal process for lenders, borrowers, and appraisers," Voxtur CEO Jim Albertelli said in the release. "Because the desktop appraisal process is rooted in data, the new system will be critical in addressing the industry's pain points.”
Appraisals are a critical component of residential real estate lending transactions but can be fraught with challenges, Voxtur said.
First, the pandemic created a massive backlog of orders. In addition, appraisals can be time-consuming, particularly in rural areas where resources are limited, and appraisers can spend hours in a day driving between properties. Finally, current appraisal processes can lead to racial bias against ethnic minorities, raising concerns about the lack of transparency and equality in the current lending environment.