Mortgage Technology for Taking Property Appraisals Online
In the wake of the COVID-19 pandemic, many lenders have had to adjust their property appraisal process.
For some, this means turning to drive-by appraisals or desktop appraisals and using technology, such as video, to fill in the gaps.
While online property appraisals can sometimes be seen as most appropriate for low-risk scenarios, such as a mortgage refinancing, in fact, a desktop appraisal can tell you far more about the subject property, including:
- An estimated value based on a mathematical equation.
- Legal detail verifications, such as the address, property description, and owners on title.
- Estimating available equity.
- Revealing registrations, liens, and other encumbrances.
- Aerial and street view exterior images.
- And more.
In some cases, this may be enough to replace a full appraisal. However, even when it is not, an online property appraisal is a highly efficient and cost-effective way to verify these key details at the start of the process and spot any potential flag indicators for further investigation.
Additionally, during the COVID-19 pandemic, these online appraisals can help keep your appraisers and your clients safe and socially distant whenever possible.
On the Purview blog, we are breaking down options for online property appraisals and what to consider when choosing a data source. Read it here: https://www.purview.ca/drive-by-and-desktop-appraisals-must-have-tools/