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
How the “lavish” comp and perks NAR leaders enjoy compares to other housing trade groups
Nov 20, 2024NAR’s volunteer leaders receive financial benefits that no other nonprofit in the housing space—including the MBA—comes close to matching, 990 filings reveal.
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Data valuation transformed: How AVMs can power property valuations for home equity lending
Nov 13, 2024 7:00 am -
Fannie Mae releases updates on leasehold estates, manufactured homes, fraud prevention
Nov 08, 2024 -
Appraisers say it’s business as usual despite the NAR settlement changes
Nov 05, 2024 -
Sonu Mittal on Freddie Mac’s newest moves to lower lender, borrower costs
Nov 01, 2024 -
ClearValue teams with Restb.ai to bring computer vision to appraisal process
Oct 31, 2024 -
No undue risk! Freddie Mac’s Sonu Mittal on new buyback remedy, appraisal waiver extensions
Oct 30, 2024 -
Property data collection-based appraisal waivers, UPD and the future of appraisals
Oct 29, 2024 7:00 am -
FHFA to allow alternative appraisal methods on purchases up to 97% LTV
Oct 28, 2024 -
DOJ sues Rocket, appraisal companies over alleged discrimination
Oct 21, 2024
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