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FFIEC issues statement of principles for examining appraisal and valuation bias

Housing Wire

The Federal Financial Institutions Examination Council (FFIEC) on Monday issued a statement outlining examination principles related to valuation and appraisal discrimination or bias in residential lending. These standards can harm a residential lender beyond any identified violations, the statement explained.

Lending 413
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Federal agencies propose guidance for residential real estate ROVs

Housing Wire

The proposed guidance advises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal ,” the announcement states.

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True Footage acquires Spark for Appraisers

Housing Wire

Seattle, Washington-based real estate valuation company True Footage announced the acquisition of Spark for Appraisers , an appraisal technology firm. Spark for Appraisers sells data infrastructure software to appraisers to produce faster and more reliable appraisals. Terms of the deal were not disclosed.

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FHFA expands Uniform Appraisal Dataset statistics

Housing Wire

Lat month, the Federal Housing Finance Agency (FHFA) published its Q1 2023 data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics, and has included new statistics and property characteristics in its Data File and Dashboards. Combating appraisal bias has been a key focus of the housing agenda for the Biden administration.

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How appraisers value homes in a hot housing market

Housing Wire

As anyone involved in the residential real-estate market knows, bidding wars – and contract prices exceeding the list price – are the norm today in many markets around the nation. Sheridan’s listing appraised at the contract price, and the deal went through without a hitch. over the list price. Already a member?

Marketing 516
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Fannie Mae makes further changes to appraiser independence requirements

Housing Wire

Government-sponsored enterprise Fannie Mae this week released new updates to its appraiser independence requirements (AIR), and also established new property data independence requirements (PDCIR) simultaneously. Lenders typically use appraisal management companies (AMCs) to transfer the compliance burden associated with AIR.

Loans 361
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HUD is developing an appraisal review process to investigate racial bias

Housing Wire

Department of Housing and Urban Development (HUD) has begun developing a process for borrowers seeking Federal Housing Administration (FHA) financing to request an appraisal review when they suspect racial bias. . “We The group created an action plan representing a wide-ranging set of equity reforms to the home appraisal process.