Housing Wire
MAY 2, 2024
Appraisal bias issues are more commonly discussed on the forward lending side of the mortgage business, but entities including the federal government and independent advocacy groups — including the National Consumer Law Center (NCLC) — have warned that appraisal bias could also impact seniors seeking a reverse mortgage.
Housing Wire
MARCH 26, 2024
The changes include communicating to applicants that they have the right to request a reconsideration of value (ROV); explaining why an ROV is denied or the valuation is unchanged; and training its credit, valuation and customer service staff on the topic. But the company hasn’t admitted any fault.
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Housing Wire
JUNE 9, 2023
The guidance, to be published in the Federal Register with a 60-day public comment period thereafter, “shows how ROVs intersect with appraisal independence requirements and compliance with applicable laws and regulations,” according to the announcement. The guidance also prioritizes appraisers’ independence and responsiveness to consumers.
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.
Housing Wire
MARCH 23, 2022
The Department of Housing and Urban Development ’s long-awaited action plan on appraisal bias outlines administrative actions the federal government will quickly take to address mis-valuations. One challenge in assessing the scope of appraisal bias is rooted in the informal process of challenging an appraised value.
Appraiserblogs
DECEMBER 21, 2021
But I digress… According to the Dodd-Frank law, and the HVCC before it, clients are allowed to challenge the appraiser’s value opinion by submitting what is termed in the law “appropriate” sales to be further reviewed, with the expectation that. White Paper: Requests for Reconsiderations The paper states that….
Appraisal Buzz
FEBRUARY 7, 2022
The markets perceived no additional risk in transactions where the appraiser signing off on the valuation of the collateral being utilized for a credit decision did not physically inspect the property. It will give the reader of the report, and the person who will be providing the valuation, a visualization of what exists.
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