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Craig Stack
Founder and President @ Truepic

1 min read

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Feb 02, 2022 FHFA’s Move to Desktop Appraisals is Significant, But Don’t Forget About Fraud Prevention

Craig Stack | Founder and President @ Truepic | 1 min read

One year ago I had the opportunity to respond to the Federal Housing Finance Agency’s (FHFA) Request for Information (RFI) on how to modernize the appraisal process.

I urged that the FHFA consider how new technology, particularly authenticated imagery, can help power desktop appraisals and remote inspections. On October 18, 2021 I was encouraged to see that the FHFA will permanently allow Fannie Mae and Freddie Mac to accept desktop appraisals for new purchase loans starting in early 2022. I believe this is a significant step forward that is the culmination of a variety of innovative initiatives taken by the industry in response to the COVID-19 pandemic. This shift in process is bound to have down-stream implications for insurers and other financial services organizations because it dynamically changes consumer preferences. We too, at Truepic, saw the digitization of inspections taking place at a rapid pace even before the global pandemic hit in early 2020 across all financial services sectors.

 

Read the full story here.

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