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Even the most detailed appraisal is still one person’s opinion, even if the appraiser is an experienced and qualified professional. Since property values and the resulting LTV ratio is the most important risk factor for DSCR Lenders (and the eventual note holders of the DSCR Loans) to get right, an additional valuation analysis is also done for DSCR Loans in the form of a “secondary valuation review.”
The Collateral Desktop Analysis (CDA) is the most common form of secondary valuation or “appraisal review.” It’s a data-driven review performed independently from the appraisal, using MLS data, comparable sales, and statistical tools to validate or challenge the original appraisal’s value and findings.
A CDA is conducted by an independent reviewer, typically a licensed appraiser or valuation analyst, who does not reinspect the property in person, instead using online-accessible sources. This is why they are commonly referred to as “desktop” reviews, since the reviews are done at a desk and computer, and don’t involve another physical inspection. CDAs are faster and less expensive than full appraisals, typically completed within 1–3 business days after being ordered because they require no site visit. Most DSCR lenders pass the $150–$300 fee through to the borrower as part of closing costs.
Q: What is a CDA in a DSCR Loan?
A: Collateral Desktop Analysis is a desk-based review of an appraisal conducted by an independent reviewer, typically a licensed appraiser or valuation analyst, who does not re-inspect the property. It uses MLS data, comparable sales, and market trend analysis to confirm that the appraiser’s opinion of value is reasonable and defensible, or to flag discrepancies that may require further review before the loan is funded.
For DSCR Loans, a CDA (or equivalent desk review) is ordered on virtually every loan, with the sometimes sole exception is that when a loan is large enough to require two full appraisals (commonly when the loan amount exceeds $2,000,000), many DSCR Lenders will waive the CDA because there is an additional “secondary valuation” already, in these cases, another full appraisal.
Most DSCR Lenders follow what’s called the 10% variance rule, when it comes to CDAs. This means that if the CDA’s value is within 10% of the original appraisal, no action is required and the original value stands. However, if the CDA’s value is more than 10% lower than the appraisal, this is viewed by most DSCR Lenders as a rare, serious red flag, and most will have a policy to respond to a large variance with either a Field Review, or a second full appraisal. The second appraisal or field review must be done by a different appraiser and appraisal company than the original.
Q: Can a CDA increase my appraised value for my DSCR Loan?
A: No, a CDA is designed as a risk-control and validation tool, not a way to re-appraise the property for a higher number. Because the reviewer does not perform a site visit and relies solely on MLS data, public records, and market trends, the most common outcomes are either confirming the original value or lowering it if the supporting data is weak. If the appraisal is found to have significantly undervalued the property, an option may be to order a new appraisal or submit a rebuttal, but not to use the higher CDA’s value.
A Field Review (documented on Fannie Mae Form 2000 or 2000A) is a more in-depth, second-opinion valuation performed by a different licensed appraiser. Unlike a CDA, it includes an on-site inspection of the property’s exterior (and sometimes interior if needed). Field Reviews also include a detailed review of the original appraisal’s comps, adjustments and market analysis as well as the selection of new or additional comparables if the originals were weak or outdated. Field reviews generally cost $250–$450 and can add several days to the DSCR Loan process, depending on appraiser availability, and the cost is typically passed through to the borrower at close, and only if the DSCR Loan survives the CDA variance and successfully closes and funds.
Q: How does a field review differ from a CDA for a DSCR Loan?
A: A field review is performed by a different licensed appraiser and includes a physical inspection of the property, at minimum an exterior walk-around, and in some cases an interior review, along with a re-analysis of comparable sales and adjustments. A CDA, by contrast, is strictly a desk-based analysis using market data, MLS records, and property information without any on-site inspection. Generally, Field Reviews are only ordered for DSCR Loans when the CDA comes back with a value more than 10% less than the appraisal.
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