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Under federal law, mortgage lenders are required to work at arm’s length during the appraisalprocess, partnering with independent appraisal management companies who assign the work to state-licensed professional appraisers,” a spokesperson for Rocket told HousingWire.
I hear these phrases quite often when it comes to product and software development, but I think they apply very well to solving complex problems like transforming the property appraisalprocess to work better for every stakeholder. housing cannot be accomplished with a focus on appraisal alone.
Exterior-Only is self-explanatory, where the scope of work states the appraiser completed an exterior viewing of the physical components of the property and the appraiser relied on other sources to gather property and improvement details. Appraisers rely on standards of practice and processes.
Fannie Mae and Freddie Mac referred requests to comment to the Federal Housing Finance Agency. An FHFA spokesperson said that the agency has received numerous requests from the public to release the GSE appraisal data, but it is still weighing whether and how to release it.
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