Property appraisals were a significant pain point for lenders and borrowers in the pandemic years, attracting the attention of regulators and agencies who sought to make valuations faster and more efficient. Even as rising mortgage rates cooled the pace of home sales and refinances starting in 2022, appraisal modernization efforts picked up steam. In 2023, Fannie Mae updated its Selling Guide to include more options for valuations, including value acceptance (formerly appraisal waivers), value acceptance plus property data and hybrid appraisals. Today, lenders are relying on technology more than ever before to deliver accurate, timely valuations.
Another area of continued focus is appraisal bias. In 2022, the Biden administration formed the PAVE task force, made up of 13 federal agencies and offices, to combat appraisal bias. Led by HUD, the task force created an action plan the agencies could pursue through administrative action, rather than legislation, and released analysis of its appraisal data. Today the regulators and agencies in the task force continue to pursue a more equitable valuation process.
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Appraisal and Valuations News
DOJ sues Rocket, appraisal companies over alleged discrimination
Oct 21, 2024Another regulator has sued Rocket Mortgage for allegedly discriminating against a Black homeowner by undervaluing her home during an appraisal in Colorado three years ago. And the Detroit-based lender believes it’s a “massive overreach.” On Monday, the U.S. Department of Justice—following a move made by the U.S. Department of Housing and Urban Development (HUD) in […]
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Reshaping appraisals: Jaro’s high-tech solutions innovate the appraisal process in an evolving real estate market
Oct 18, 2024 7:00 am -
Reggora says it will cover mortgage repurchase, LLPA losses tied to appraisal defects
Oct 16, 2024 -
FHA announces updates to Catalyst software’s appraisal module
Sep 27, 2024 -
Appraisal Institute CEO fired following ‘secret’ board meeting
Sep 13, 2024 -
Implementation deadline for appraisal review policy pushed to Oct. 31
Aug 06, 2024 -
Erik Morin reflects on his return to the reverse mortgage appraisal space
Jul 22, 2024 -
Five federal agencies finalize new guidance for appraisal reconsiderations
Jul 18, 2024 -
Half of homes sold appraised for more than the sale price
Jul 17, 2024 -
Regulators give green light to final AVM rules
Jul 17, 2024