Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) applauds the recent decision by Fannie Mae and Freddie Mac to permanently allow desktop home appraisals beginning in March. To address the backlog of appraisals created by the pandemic, Fannie Mae and Freddie Mac temporarily implemented a desktop appraisal option in early 2020. Due to the success of this initiative, and on the heels of an announcement from the Federal Housing Finance Agency (“FHFA”), desktop appraisals will now be a permanent option for purchase transactions. With this change, more lenders, borrowers, and appraisers will have the opportunity to benefit from Anow’s valuation technology.
“With this commitment from Fannie and Freddie to modernize appraisal, we will see a more efficient, transparent, and lower cost appraisal process for lenders, borrowers, and appraisers,” said Jim Albertelli, CEO of Voxtur. “Because the desktop appraisal process is rooted in data, the new system will be critical in addressing the industry’s pain points.”
Appraisals are a critical component of residential real estate lending transactions but can be fraught with challenges. First, the pandemic created a massive backlog of orders. In addition, appraisals can be time-consuming, particularly in rural areas where resources are limited, and appraisers can spend hours in a day driving between properties. Finally, current appraisal processes can lead to racial bias against ethnic minorities, raising concerns about the lack of transparency and equality in the current lending environment.
Voxtur is championing data-driven solutions for the real estate industry by deploying its SaaS-based valuation platform and depth of expertise. The Anow valuation technology platform supports the desktop appraisal model by providing automation to reduce turnaround times. With one of the richest data repositories in the industry, Voxtur’s digital culture continues to enhance the consumer experience by reducing inefficiencies and supporting the implementation of solutions to lower the cost of homeownership.
About Voxtur
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
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Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.