Data Collection Services

The appraisal business has changed significantly since the 2008 lending crisis. Some of these changes were implemented in the Frank Dodd Act which resulted in the creation of appraisal management companies. The creation of UAD requirements have also resulted in significant changes to the appraisal process. Now in 2019 Fannie Mae is in the process of defining and testing new ways of developing and reporting the market value of single-family properties.

Based on current available information on Fannie Mae’s proposed changes to this process, further changes are likely if not inevitable. Fannie Mae may not require appraisals at all for certain properties. They may also have situations where only data on the subject property will be collected and submitted in a manner that has yet to be determined. This data may be collected by individuals who may or may not be appraisers at all. In some cases, this data may be utilized along with existing data on market values in lieu of a full appraisal. In other cases, they may forward the data collected by these entities to an appraiser to be combined with a form of desk top evaluation on a form that is being called the 1004P. This is being referred to as a “hybrid appraisal”. In some other cases they may decide to order an appraisal report on the property to be completed by an appraiser as most assignments are done today.

In anticipation of these changes, Golden Realty & Appraisal Services is prepared to provide any and all aspects of these services. Our highly trained and experienced appraisal staff can provide high quality data collection services including measurement of the improvements and detailed descriptions of the associated site and improvement package features. We also have prior experience in providing desk top valuation services and hence will be well prepared to provide “hybrid appraisal” products.

Due to the current uncertainty of the requirements for these new data collection and/or hybrid appraisal services, we have yet to determine our fee structure for these types of assignments but you can rest assured our fees will be competitive and our quality of work will continue to be our highest priority. Stay tuned for further information as it becomes available.