Appraisals

The Department of Housing and Urban Development reiterated it has withdrawn a number of FHA mortgagee letters related to appraisals.

Positive feedback from participants in existing programs led to the decision to expand them in order to assist more lenders.

Melody Taylor, the executive director of the Property Appraisal and Valuation Equity task force, said the interagency group went above and beyond expectations. She also defended it against common attacks from working appraisers.

The interagency Property Appraisal and Valuation Equity initiative, which was tasked by the Biden administration with rooting out bias in home valuations, appears to have run its course. But experts say it could be years before the group's efforts bear fruit.

The final rule governing the use of automated valuation models for home assessments is substantially similar to the initial proposal made last June.

Despite pressure from the Consumer Financial Protection Bureau, the embattled Appraisal Foundation tapped its longtime second-in-command to be its next president.

The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.

A mixed-race couple claims a "whitewashed" valuation in 2023 returned a price 39% higher than the depository-approved result a year earlier.

A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.

Under guidelines proposed this month, credit unions would see changes in the quality standards for computer-generated appraisal systems, along with when and how financial institutions and consumers can request reconsiderations of value.