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

Race-based appraisal gaps have narrowed in recent years: FHFA 

Apr 12, 2024By Chris Clow

While FHFA is encouraged, it noted that more analysis is needed to find a causal relationship between its plan and the reduced gaps in bias.

• Fannie Mae: Prohibited/subjective language in appraisal reports has declined 

  Apr 09, 2024By Chris Clow

• Clear Capital extends its partnership with Cherre 

  Mar 27, 2024By Sarah Marx

• Kelly Davids named president of The Appraisal Foundation 

  Mar 27, 2024By Chris Clow

• loanDepot settles appraisal bias lawsuit  

  Mar 26, 2024By Flávia Furlan Nunes

• ICE unveils two new property valuation solutions 

  Mar 18, 2024By Sarah Marx

• FFIEC issues statement of principles for examining appraisal and valuation bias 

  Feb 12, 2024By Chris Clow

• Financial services firm Consolidated Analytics acquires Real Info 

  Jan 23, 2024By Connie Kim

• FHFA analysis finds racial disparity in appraisers’ use of time adjustments 

  Jan 17, 2024By Flávia Furlan Nunes

• HUD: Housing has a role to play in combating the opioid epidemic 

  Dec 08, 2023By Chris Clow

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