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Appraisal and Valuation

Moving to Address Appraisal Bias, Agencies and the Appraisal Foundation Issue Updates

February 7, 2023 By Nanci Weissgold, Morey Barnes Yost and Melissa Malpass

A&B ABstract:  A year and a half after President Biden’s announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”), the past weeks have seen a flurry of activity from federal agencies and the Appraisal Foundation to address issues of bias in residential property appraisal.  What should lenders, servicers, and appraisers know? […]

Filed Under: Appraisal and Valuation, Consumer Financial Protection Bureau (CFPB), Fair Housing Act, Mortgage Loans Tagged With: #CFPB, appraisal, bias, discrimination, mortgage lending

PAVE Task Force Issues Action Plan to Address Appraisal Bias

March 30, 2022 By Melissa Malpass

A&B Abstract: As part of the Biden Administration’s stated focus on narrowing the racial gap in wealth and homeownership, federal agencies launched an Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), with the goal of “addressing the persistent misvaluation and undervaluation of properties experienced by families and communities of color.” On March 23, […]

Filed Under: Appraisal and Valuation Tagged With: #PAVE

Agencies Raise Appraisal Threshold Exemption

October 3, 2019 By Morey Barnes Yost and Stephen Ornstein

A&B ABstract: A new rule from the federal banking regulators reduces the number of residential mortgage transactions for which an appraisal is required.  The rule also incorporates changes to federal appraisal requirements made by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. On September 27, 2019, the Federal Deposit Insurance Corporation, the […]

Filed Under: Appraisal and Valuation, Mortgage Loans Tagged With: #evaluations, #federally related transactions, #FIRREA

Appraisal Foundation Seeks Comment on Evaluation Concept Paper

September 17, 2019 By Morey Barnes Yost

A&B Abstract: With recent and forthcoming changes to federal valuation requirements, the Appraisal Foundation is considering the development of standards for performing evaluations in the USPAP. The Concept Paper: On September 3, 2019, the Appraisal Foundation issued a concept paper on the development of standards for performing evaluations.  The concept paper recognizes the current lack […]

Filed Under: Appraisal and Valuation Tagged With: #evaluations, #USPAP

Appraisal Reform Act of 2019 Would Impact TRID

July 14, 2019 By Nanci Weissgold

A&B Abstract:  If enacted, the recently introduced Appraisal Reform Act of 2019 would amend RESPA to require the disclosure of the appraisal management fee separate from the appraisal fee on the loan estimate (LE) and closing disclosure (CD).  This could impose an additional burden on lenders and appraisal management companies (AMCs).  Background  The LE provides […]

Filed Under: Appraisal and Valuation, Mortgage Loans, Real Estate Settlement Procedures Act (RESPA), TRID Tagged With: appraisal, TRID, zero tolerance

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