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
The Appraisal Foundation settles Fair Housing Act case with HUD
Jul 11, 2024The Appraisal Foundation, which establishes standards and criteria for appraisers, has settled with the HUD over allegations that its qualification program violated the Fair Housing Act.
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The appraisal revolution: How Opteon is transforming the lending landscape
Jul 11, 2024 9:30 am -
FHA updates tech portal to accommodate new appraisal policy
Jul 03, 2024 -
CFPB, FHFA release updated mortgage originations survey data
Jul 02, 2024 -
Andrew Bough joins Class Valuation as COO
Jul 02, 2024 -
CFPB turns rulemaking eye toward AI use in automated home appraisals
Jun 25, 2024 -
Federal regulators approve final rule for AVM usage
Jun 20, 2024 -
Hurricane season is here and more than $10T worth of property is at risk
May 30, 2024 -
New appraisal bias protections apply to reverse mortgage program: FHA
May 02, 2024 -
HUD and FHA announce new appraisal bias protections
May 01, 2024