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FHFA to Permanently Accept Desktop Appraisals

Oct 19, 2021

On October 18th, the Federal Housing Finance Agency (FHFA) announced plans to allow Fannie Mae and Freddie Mac (“the Enterprises”) to permanently accept desktop appraisals for new purchase loans starting in early 2022. The decision to allow the Enterprises to incorporate prior temporary flexibility in their selling guides results from a review process that ultimately determined desktop appraisals are sound and effective for use in the home loan origination process.

Sandra Thompson, acting director of the FHFA, said this change “can help each appraiser complete more loans in a day, and it can also help rural communities more readily obtain a necessary appraisal when the borrower is purchasing a property.” Appraisal modernization has been an ongoing priority for the FHFA, and the acceptance of desktop appraisals reflects the goal of overcoming barriers to homeownership.

To read the FHFA press release, click here. To read the remarks of FHFA Acting Director Sandra L. Thompson at the 2021 Mortgage Bankers Association Annual Convention and Expo, click here.