Appraisal Buzz
MAY 6, 2024
The rule change will enable borrowers to request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased, HUD says in a release. Our new policies will arm homeowners, lenders, and FHA with a clear process to address biased or inaccurate appraisals.”
Housing Wire
MARCH 26, 2024
A spokesperson for loanDepot told HousingWire that the company “strongly opposes bias in the home finance process.” The settlement requires loanDepot to implement enhancements to its mortgage appraisal policies and procedures within 120 days.
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Housing Wire
MARCH 23, 2023
In October, the Federal Housing Finance Agency (FHFA) published the first publicly available datasets of aggregate statistics on appraisal records, which provided the public with access to data and trends found in appraisal reports.
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. The authors took issue with the GSEs for other practices, as well. That process varies from lender to lender.
Birmingham Appraisal
FEBRUARY 20, 2024
Understanding the Role of the Real Estate Appraiser When a home buyer finds a home they would like to purchase and have the need to obtain financing they will work with a lender. By making this information available to the appraiser upfront the appraisal process will go more smoothly.
Empire Appraisal Group
MAY 9, 2024
New Requirements Aim to Reduce Appraisal Bias The new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations. Also, underwriters should be trained to identify and remedy appraisal deficiencies, including racial and ethnic bias.
Housing Wire
MARCH 9, 2021
The Department of Housing and Urban Development (HUD) has announced that JPMorgan Chase has come to an agreement with a Black homeowner who claimed the bank’s mortgage division – relying on a valuation done by an appraiser – valued her home at an amount lower than its actual worth because of her race.
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