Complications could result from the FHFA’s lack of sufficient standards at the federal and state levels holding non-appraisers accountable in the appraisal process. While hybrid appraisals may help make the process both more efficient and cost-effective, industry professionals are concerned that third-party involvement could lead to issues. The FHFA reasons that hybrid appraisals would help accelerate the appraisal process in both urban and rural areas where expediting is ideal.
Potential Problems with Hybrid Appraisals These parties are responsible for collecting data for both certified appraisers and lenders after data goes through the automated underwriting system. This person is normally a home inspector, appraiser trainee, or real estate agent. Hybrid appraisals, also known as bifurcated appraisals, are those that involve a third party. The RFI requests input regarding hybrid appraisals, which the FHFA wishes to implement. Recently, the Federal Housing Finance Agency (FHFA) has issued a request for input (RFI) from Freddie Mac and Fannie Mae to update and streamline appraisal processes, policies, and practices. Implementing Hybrid Appraisals Under the FHFA As hybrid appraisals become more popular, particularly in rural and high-volume locations where time is more pressing, they may lead to complications due to the involvement of third parties in the appraisal process.
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