By KIMBERLEY HAAS Conflicts between regulations requiring appraiser independence and recent enforcement actions are the basis of a lawsuit filed in federal district court. Lawyers for Rocket Mortgage are asking for declaratory and injunctive relief after officials at the U.S. Department of Housing and Urban Development charged the company with housing discrimination. HUD claims a…
By KIMBERLEY HAAS The question of whether technology alone can eliminate racial bias during the home appraisal process came up during a hearing held in Washington, DC, on Wednesday. The Federal Financial Institutions Examination Council’s Appraisal Subcommittee was holding its third public hearing when the topic was discussed. Member JeanMarie Mattingly, who serves as deputy…
By SCOTT KIMBLER As officials work to address racial bias in home valuations, leaders at a public policy think tank in Washington, DC, are saying recent recommendations made by a federal task force miss the mark. The Interagency Task Force on Property Appraisal and Valuation Equity, or PAVE for short, was created in June of…
By KIMBERLEY HAAS Officials at the Federal Housing Finance Agency say racial and ethnic valuation gaps in home appraisals are being reduced in a majority of states. According to a blog published Tuesday, “Although an appraisal valuation gap continues to exist between white and minority population tracts, data indicate a reduced gap following actions by…
Good Morning! Today is Thursday, March 24. Madeleine Albright has died of cancer at age 84. President Biden landed in Brussels for three back-to-back meetings with G7 leaders, NATO allies, and the European Union. The Mortgage Note Reports Biden-Harris Tackle Equity In Lending And Appraisals: Vice President Kamala Harris joined officials from the U.S. Department of Housing…
By KIMBERLEY HAAS Vice President Kamala Harris joined officials from the U.S. Department of Housing and Urban Development on Wednesday to announce the delivery of a plan designed to dismantle racial bias in the home lending and appraisal process. The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan submitted to President…
United Wholesale Mortgage (UWM) is launching an in-house appraisal service, giving its brokers an alternative to appraisal management companies (AMC) starting October 1. The program gives UWM the ability to handle the appraisal on its own by contracting directly with appraisers. UWM CEO Mat Ishbia said AMCs are “middlemen” that cause unnecessary delays in the lending…
By Jennifer A. Chiongbian The Federal Housing Finance Agency announced last month that it is soliciting public comment on ways to modernize the home appraisal process and make it go more smoothly for everyone involved. In the meantime, there are steps homeowners and buyers can take to make appraisals as painless as possible. What is…
The appraisal process may be headed for a makeover. The Federal Housing Finance Agency on Monday requested input on potential changes to “appraisal-related policies, practices and processes.” FHFA will take the input and decide if changes need to be made to ensure Fannie Mae and Freddie Mac are operating properly when it comes to appraisals….
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