Housing Wire

JUNE 22, 2023

Founded by Jillian White , an SRA-designated appraiser with over two decades of leadership experience, the firm offers expertise to non-appraiser stakeholders, including regulators, lenders, and appraisal management companies (AMCs). The inaugural course caters to federal regulators responsible for conducting audits of mortgage lenders.

Appraisal 366

Appraisal Real Estate Design Tools 366

Housing Wire

AUGUST 22, 2023

The Mortgage Bankers Association (MBA) and the Consumer Bankers Association (CBA) sent a letter to regulators on Monday warning of the “unintended consequences” of new quality control standards for automated valuation models (AVMs). the trade groups state. When announcing the proposed rule, Vice President Kamala Harris weighed in.

Valuation 366

Valuation Appraisal Government Real Estate 366

Housing Wire

SEPTEMBER 12, 2023

With mortgage rates above 7%, historically low levels of housing inventory, defaults in commercial real estate, and a series of potentially onerous regulations to come, Mortgage Bankers Association President and CEO Bob Broeksmit said the trade group is doing all its can to influence policymakers. MBA is also looking ahead to a U.S.

Valuation 390

Valuation Finance Appraisal Inventory 390

Housing Wire

APRIL 6, 2023

The housing regulator, led by Sandra Thompson, said it will look at the current regulatory framework for the industry , with a particular eye toward standards , qualification criteria, barriers to entry into the profession and appraisal practices. housing market in the future.

Appraisal 370

Appraisal Valuation Government Appraisal Process 370

George Dell

JULY 21, 2021

Appraisal standards and regulations are mostly designed to discourage personal bias. The post Is Appraisal Systemically Biased? But what about traditional appraisal practice? To understand this question, we must separate personal bias from analytic bias. This basic tribal […]. This basic tribal […].

Appraisal 370

Appraisal Design 370

Appraisal Buzz

MAY 13, 2024

It is intended to ensure that appraisers have sufficient knowledge of local market conditions, data, trends, and regulations to produce accurate and reliable appraisals. This addition emphasizes the importance of an appraiser’s familiarity with the geographic area in which they are appraising property.

Appraisal 347

Appraisal Appraisal Process Technology Tools 347

Housing Wire

OCTOBER 16, 2023

Generative artificial intelligence (AI) has tremendous potential to cut costs and improve customer experience, but regulation has not caught up to develop a governance program, industry pros said of AI’s implementation in mortgage lending. Have we developed a model that is in fact fair?

Technology 404

Technology Lending Government Legal 404

Housing Wire

NOVEMBER 6, 2023

It must first, however, overcome the biases and inequities already embedded into the data it analyzes. Intentional design for equity, carefully studied pilot programs and regulatory guidance are three areas the report recommends policymakers, regulators and developers to focus on to ensure AI equitably expands access to mortgage services.

Government 348

Government Training Tools Design 348

George Dell

APRIL 26, 2023

Current efforts in the regulation of appraisal quality and fairness are fettered by obsolete appraisal methods. We have written about the “Five Frictions” hindering improvement in regulated appraisal valuation. We have written about the “Five Frictions” hindering improvement in regulated appraisal valuation.

Valuation 195

Valuation Design Appraisal 195

Housing Wire

APRIL 30, 2024

The rule “addresses barriers to sustainable housing opportunities for underserved communities by codifying existing FHFA practices in regulation and adding new requirements related to fair lending, fair housing, unfair or deceptive acts or practices, and Equitable Housing Finance Plans,” according to the rule’s entry in the Federal Register.

Lending 357

Lending Finance Government Realtors 357

Housing Wire

APRIL 25, 2023

In a joint statement , the Civil Rights Division of the DOJ, CFPB, FTC, and EEOC outlined a commitment to enforcement of existing laws and regulations despite a lack of regulatory oversight currently in place regarding emerging AI technologies. Private and public entities use these [emerging A.I.] systems as it pertains to the mortgage space.

Law 293

Law Tenants Technology Advertising 293

Housing Wire

SEPTEMBER 14, 2022

If you have questions about the future of housing policy or how to understand the current priorities of housing regulators, here are three speakers you won’t want to miss at HW Annual. She formerly held a leadership position at Freddie Mac and now hosts an annual conference that deals with regulation and housing policy.

Lending 322

Lending Finance Government Real Estate 322

Housing Wire

DECEMBER 14, 2021

In a blog post, Fannie Mae and Freddie Mac ’s regulator and conservator said it found examples of “overt references to race, ethnicity, and other prohibited bases under federal fair lending laws,” which FHFA said indicate the “continued presence of valuation bias.”.

Appraisal 424

Appraisal Valuation Finance Training 424

George Dell

AUGUST 3, 2022

Easy – Just don’t be biased. Alternately, we can have the government regulate and require it! Editor’s Note: This is Part 1 of a new series on Bias. Don’t even think about it! To know what ‘unbiasedness’ is, and how to achieve it, we have to be able to measure it. We cannot enforce anything, […].

Government 195

Government Valuation Appraisal 195

George Dell

JUNE 28, 2023

We continue our look at how current standards, and regulations hold back best practices. This part 5 of a multipart look at issues in valuation standards. Editor’s Note: This is Standards, part 3.5 of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here.

Valuation 195

Valuation 195

Housing Wire

OCTOBER 21, 2021

During a panel on residential appraisals, experts posed technology as a way to make appraisals more efficient and less subjective, as regulators take steps to understand and counteract bias. But tech adoption in appraisal might face an uphill climb. “Appraisers are not PhDs in mathematics,” Radke said. Become a member today.

Appraisal 343

Appraisal Technology Mortgage Valuation 343

Housing Wire

JANUARY 24, 2022

The report, commissioned by the Appraisal Subcommittee and led by the National Fair Housing Alliance , found that the appraisal industry, in sharp contrast to other sectors in housing finance, has been allowed to regulate itself. Our analysis finds that the appraisal industry has operated in a relatively closed, self-regulated framework.”.

Government 369

Government Appraisal Reconsideration of Value Lending 369

Housing Wire

AUGUST 25, 2022

The panel will discuss desktop and hybrid processes, federal regulation changes, technology and more. That is why HW Annual Oct. 3-5 is proud to present an appraisal-centered session this year.

Appraisal 363

Appraisal Modernization Appraisal Process Technology 363

Appraiserblogs

JANUARY 4, 2024

I can hear the chorus of my fellow appraisers rising up… Biden Claims on Racial Bias in Appraisals Over the past week or so, Presidential Candidate Joe Biden publicly called for more regulation and oversight over appraisers to… Low Appraised Value = Racial Bias? appeared on Appraisers Blogs.

Appraisal 149

Appraisal Government Sellers Buyers 149

Appraisal Buzz

DECEMBER 27, 2021

However, federal regulators will have to incentivize apprenticeships if people of color are to break into the industry and boost geographical competence. However, federal regulators will have to incentivize apprenticeships if people of color are to break into the industry and boost geographical competence.

Appraisal 397

Appraisal Valuation Modernization Contracts 397

Housing Wire

OCTOBER 1, 2022

Other top challenges cited by appraisers were expanding regulations/interpretation of regulations (30%), pressure from real estate agents/brokers (27%), fee pressures (27%), and high demand for appraisals (26%). For non-appraisers, the greatest challenge was lack of inventory , with 66% of respondents selecting this response.

Appraisal 382

Appraisal Real Estate Agent Valuation Training 382

Appraiserblogs

JANUARY 10, 2024

Appraisers,… Biden Claims on Racial Bias in Appraisals Over the past week or so, Presidential Candidate Joe Biden publicly called for more regulation and oversight over appraisers to… Lowballed.

Home Value 122

Home Value Training Appraisal 122

Housing Wire

DECEMBER 6, 2021

Besides the evidence drawn from the second appraisal, the Austin’s claim that Miller was biased because of the sales comparisons she used in valuing the home. Federal regulators have envisioned appraisal management companies as a firewall between appraiser and lender. The Austin’s claim Miller was lowballing them because of their race.

Appraisal 387

Appraisal Valuation Development Real Estate 387

Housing Wire

MAY 27, 2022

When families and regulators do not know how decisions are made by these algorithms, we are unable to participate in a fair and competitive market, free from illegal bias.”. Specifically, the bureau said mathematical models may rely on biased data, resulting in inaccurate valuations.

Law 414

Law Legal Valuation Government 414

Housing Wire

JANUARY 13, 2021

In prepared remarks for the event, Brainard said: “Recognizing that AI presents promise and pitfalls, as a banking regulator, the Federal Reserve is committed to supporting banks’ efforts to develop and use AI responsibly to promote a safe, fair, and transparent financial services marketplace.

Technology 447

Technology Development Design Tools 447

Housing Wire

MARCH 3, 2021

states and territories require appraisal licensure for valuation work on federally regulated institutions, and 35 of those states and territories require appraisal licensure for all valuation work performed. “This part of the course will concentrate on how to avoid both bias and the perception of bias in appraisals.”

Appraisal 362

Appraisal Law Valuation Inspection 362

Housing Wire

APRIL 26, 2022

The watchdog agency will also be working with other federal agencies to intervene in policies and regulation that could impact mortgage lenders and residential appraisers. Last November, the agency, in a joint action with federal banking regulators, said it would resume all of its normal oversight of mortgage servicers.

Appraisal 355

Appraisal Mortgage Valuation Lending 355

Housing Wire

APRIL 5, 2024

It’s those old misconceptions, those old biases that carry a lot,” he said. But the disruption caused by COVID-19 has helped lead lawmakers, regulators and the public to become more aware of how useful remote communication is today. That’s just speculation on my part, but I’m pretty sure that that was the problem.”

Mortgage 373

Mortgage Law Business Development 373

Housing Wire

SEPTEMBER 7, 2023

In June, federal regulators called for two changes to rules governing the use of AVMs: one that would require lenders to establish quality control standards for the creation of AVMs; and one which would add guidance regarding how and when appraisals can be challenged by banks and customers.

Appraisal 328

Appraisal Valuation Government Modernization 328

Appraisal Buzz

JANUARY 10, 2022

This is why federal regulators require banks to do such rigorous stress testing, proving that they can respond appropriately to any risk they may face. Banks are required by regulation to use licensed and certified appraisers. While they may be overstating it, they aren’t doing it by much. Risk 1: Appraiser risk.

Appraisal 374

Appraisal Real Estate Valuation Investors 374

Housing Wire

APRIL 21, 2021

The regulator is also advancing permanent changes to be made in the appraisal space. Hybrid appraisals have also been cited by some as a less biased option in the appraisal space, which has grappled with accusations of racial bias for some time.

Real Estate Agent 393

Real Estate Agent Valuation Appraisal Modernization 393

Appraiserblogs

AUGUST 14, 2023

To the surprise of no one, their redacted study found that what Perry et al. had characterized as race-based differences in home valuations were almost entirely due to socio-economic status, not racial bias by real estate appraisers.

Valuation 110

Valuation Property Appraisal Home Value Appraisal 110

Housing Wire

AUGUST 23, 2022

The committee, whose members have not yet been selected, will focus on the FHFA’s regulated entities, Fannie Mae , Freddie Mac and the Federal Home Loan Banks. The FHFA is seeking members who have a background in financing, development, and/or administrative work related to the government sponsored entities and the FHLBs.

Finance 370

Finance Lending Insurance Government 370

Appraisal Buzz

AUGUST 2, 2021

These valuable and helpful discussions range from the cost approach to algorithmic regulation. Our latest edition of the Appraisal Buzz Magazine is now showing up in mailboxes all across the country! Our cover article is an incredibly insightful conversation on racial bias in the appraisal industry.

Appraisal 195

Appraisal Chief Valuation Officer Valuation Training 195

Housing Wire

JULY 27, 2022

In a press conference with federal and state DOJ officials announcing the consent order, CFPB Director Rohit Chopra said that the Bureau will be “increasing resources to state partners to regulate nonbank mortgage lenders.”. The federal CRA statute is also getting a major overhaul from federal regulators that enforce it.

Loan Officers 393

Loan Officers Mortgage Law Contracts 393

Miller Samuel

MAY 21, 2023

The ASC is an interagency committee under the Federal Financial Institutions Examination Council and oversees real estate appraisal regulations. Three regulators from the ASC came to me from the stage immediately afterward and said I was the best dressed in the room, and they loved my tie. I wasn't expecting that. All were very nice.

Appraisal 195

Appraisal Real Estate Valuation Finance 195

Housing Wire

APRIL 27, 2021

The legislation would form a task force composed of members of federal agencies and regulators. However, we must not lose sight that structural biases within the broader marketplace and among all stakeholders within real estate and lending continue to play significant roles that impact the realities of the real property market.”.

Appraisal 382

Appraisal Valuation Design Real Estate 382