Freddie Mac’s online tool for assessing valuation risk—Loan Collateral Advisor—will soon include feedback messages to alert users when certain prohibited, subjective or potentially biased words or phrases are included in appraisal reports submitted through the Uniform Collateral Data Portal, the GSE recently announced.
A proposed update of professional guidelines for property appraisals contains confusing language about what constitutes discrimination, and would even suggest appraisers could engage in “ethical” discrimination, regulators from across multiple federal agencies said this week in a letter to the Appraisal Foundation’s Appraisal Standards Board.
These challenges will affect all markets, but will have local distinctions that will be important for market participants to understand as they navigate the uncertain road ahead.
An interagency task force including the Department of Housing and Urban Development, the Federal Housing Finance Agency and the federal banking agencies today released an action plan to ensure appraisal and valuation equity for all Americans.
The CFPB today announced the next step in a joint agency rulemaking to develop quality control standards for the use of computer models, known as automated valuation models, used to help assess home valuations.
Climate change is a big issue, but compliance officers are adept at issue management. Start with root cause analysis.
Acting Comptroller of the Currency Michael Hsu told attendees at a CFPB roundtable today that banks are being held accountable when they rely on housing appraisals that are discriminatory.
The American Bankers Association today offered feedback to the Federal Housing Finance Agency on appraisal-related policies and practices for Fannie Mae and Freddie Mac, noting that it “fully supports creating new alternatives to the traditional appraisals available in the market today.”
The federal banking agencies today finalized two rules intended to provide relief for financial institutions as a result of actions taken to aid in the coronavirus response.
…and other answers to your compliance questions in the May/June 2020 ABA Regulatory Policy and Compliance Inbox.