In the lead-up to 2008, lenders loaned money to people with questionable credit based on questionable methods of research. On March 19th, 2022, lenders began writing loans on questionable houses based on questionable methods of research.
I was contacted by a loan officer who ordered a "desktop" appraisal on a home. It was clear that no training on this new product had been given to them. This "new" product has been pushed by special interest groups to get the cost and time of appraisals down by using untrained inspectors to provide a property report to an appraiser who then performs the valuation. What do I mean by untrained? They don't know how to identify wood-boring insect damage, water damage sources, settlement issues. Do YOU think that affects home values?
Your lender doesn't care if it does.
They want you in your home fast, and cheap, and who cares if it falls down around you. What will this lead to, people walking away from "sub-prime homes" in the next 5-10 years.
"Just say NO," to your loan officer when they recommend a desktop appraisal. You have to care about your home, no one else will.