Appraisals

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.

Six regulatory agencies are seeking public comment on a proposed rule that would establish best practices for using automated valuation models to assess collateral.

The agency said it will include home valuation practices in its fair lending review. It's the latest effort by a Washington regulator to root out discriminatory practices in the profession.

During a hearing on racial bias in home valuation, the head of the Consumer Financial Protection Bureau questions the Appraisal Foundation's "weird" regulatory structure.

The actions involved are based on findings by an interagency task force first convened last year by Marcia Fudge, secretary of the Department of Housing and Urban Development.

After permitting remote appraisals on an interim basis during the pandemic, Fannie Mae and Freddie Mac will accept them outright starting in early 2022, the acting head of the Federal Housing Finance Agency said.

It's unlikely that lawmakers will pass new coronavirus-related legislation before Congress leaves for its October recess.

The National Credit Union Administration is giving lenders and borrowers extra time to complete appraisals to ensure mortgages are still being completed despite the pandemic.

The National Credit Union Administration this week will consider an interim final rule regarding its Central Liquidity Facility and changes to real estate appraisal requirements.

The Federal Housing Finance Agency authorized the government-sponsored enterprises to lend additional support to the mortgage-backed securities market and temporarily allow some flexibility in lending requirements to address coronavirus-related concerns.

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

After maintaining a $250,000 exemption threshold for real estate appraisals for nearly 20 years, the National Credit Union Administration is set to raise that limit to $400,000.

The housing market has changed dramatically since 2002 but the current appraisal limit has not. It's time for NCUA to catch up.

A new National Credit Union Administration proposal would raise the threshold for residential mortgages that require appraisals. However, the final rule is by no means a done deal.

The National Credit Union Administration will meet this week to discuss its proposed budget while the Senate and House work to avoid a government shutdown.

The three federal banking agencies moved to raise the threshold for residential transactions that require an appraisal from $250,000 to $400,000.

The legislation takes aim at third-party bank service vendors, the backlog of FHA appraisals, rural housing assistance and other issues where there is broad agreement.