The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), recently issued Mortgagee Letter 2024-07 addressing reconsideration of value (ROV) policies in connection with...more
5/10/2024
/ Appraisal ,
Bias ,
Borrowers ,
Fannie Mae ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
Freddie Mac ,
HUD ,
Mortgagee Letters ,
Mortgages ,
Regulation Z ,
Truth in Lending Act (TILA)
The CFPB published a blog discussing a few key takeaways from a series of public hearings addressing appraisal bias....more
3/27/2024
/ Appraisal ,
Bias ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Diversity and Inclusion Standards (D&I) ,
Fannie Mae ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
Freddie Mac ,
Real Estate Market ,
USPAP
The Federal Housing Finance Agency (FHFA) recently published another FHFA Insights blog post addressing the underutilization of appraisal time adjustments by appraisers that is a companion to an FHFA Insights blog post that...more
The Federal Housing Finance Agency (FHFA) recently published a FHFA Insights blog post that cites the underutilization of appraisal time adjustments by appraisers....more
A group of federal agencies have proposed reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB),...more
6/9/2023
/ Appraisal ,
Bias ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
FDIC ,
Financial Regulatory Reform ,
Mortgages ,
NCUA ,
OCC ,
Proposed Guidance ,
Real Estate Transactions ,
Regulatory Agenda ,
Third-Party ,
USPAP
The U.S. Department of Housing and Urban Development (HUD) recently issued a draft Mortgagee Letter on reconsideration of value (ROV) policies in connection with appraisals for FHA insured mortgage loans. The draft Mortgagee...more
The National Community Reinvestment Coalition (NCRC) recently filed two complaints against appraisers with the Department of Housing and Urban Development asserting different treatment based on race in violation of the Fair...more
The Federal Housing Finance Agency (FHFA) addresses appraisal bias reflected in the recently released Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File and Dashboard. The UAD information is derived from more than...more
The CFPB’s Fair Lending Director, together with senior officials from other federal agencies, have sent a letter to The Appraisal Foundation (TAF) commenting on proposed changes to the Uniform Standards of Professional...more
The Federal Housing Finance Agency (FHFA) recently issued a request for information (RFI) seeking input on appraisal-related policies, practices and processes in connection with home mortgage loans. Comments will be due 60...more
As previously reported, the federal banking agencies announced an interim final rule in April 2020 due to COVID-19 that allows for appraisals and evaluations of homes and other real property to be obtained up to 120 days...more
9/30/2020
/ Appraisal ,
Banking Regulators ,
Banking Sector ,
Coronavirus/COVID-19 ,
FDIC ,
Federal Reserve ,
Final Rules ,
Interim Final Rules (IFR) ,
Mortgage Lenders ,
National Housing Act (NHA) ,
Real Estate Market ,
Real Estate Transactions
In Mortgagee Letter 2020-28 dated August 28, 2020, the U.S. Department of Housing and Urban Development announced the extension of FHA temporary guidance regarding employment verification and appraisals due to COVID-19. The...more
In Mortgagee Letter 2020-20 dated June 29, 2020, the U.S. Department of Housing and Urban Development announced the extension of FHA temporary guidance regarding employment verification and appraisals due to COVID-19. The...more
On June 10, 2020, Fannie Mae in updates to Lender Letters 2020-03, 2020-04, and 2020-06 and Freddie Mac in Bulletin 2020-23 extend temporary COVID-19 origination guidance....more
As previously reported, at the end of April 2020, the CFPB issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any...more
On May 5, 2020 Fannie Mae updated Lender Letter 2020-03 and Lender Letter 2020-04 and Freddie Mac issued Bulletin 2020-14, to update and extend temporary origination and appraisal guidance based on COVID-19. The Freddie Mac...more
On April 21, 2020, the National Credit Union Administration (NCUA) published an interim final rule that will allow for appraisals and written estimates of market value of homes and other real property to be obtained by...more
On April 14, 2020, the federal banking agencies announced an interim final rule that will allow for appraisals and evaluations of homes and other real property to be obtained up to 120 days after closing. ...more
The U.S. Department of Veterans Affairs (VA) issued Circular 26-20-10 to provide guidance to lenders assisting loan applicants affected by the COVID-19 national emergency. It also issued Circular 26-20-11 and Exhibit A to...more
In response to COVID-19 developments, Fannie Mae and Freddie Mac have issued guidance regarding verifications of employment (VOEs), income continuity, appraisals, title policies, and other matters. The Fannie Mae guidance is...more
As we previously reported, last November the FDIC, Federal Reserve Board and Comptroller of the Currency (the federal banking agencies) proposed a rule to implement a rural residential property appraisal exemption under the...more
10/1/2019
/ Appraisal ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Exemptions ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FIRREA ,
Mortgages ,
Real Estate Transactions ,
Rulemaking Process ,
Rural Areas ,
Rural Housing Services ,
Threshold Requirements ,
USPAP
The FDIC, Federal Reserve Board and Comptroller of the Currency are proposing a rule to implement a rural property appraisal exemption under the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) and...more
11/21/2018
/ Appraisal ,
Banking Regulators ,
Consumer Protection Act ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Exemptions ,
FDIC ,
Federal Bank Regulatory Agencies ,
FIRREA ,
FRB ,
Mortgages ,
OCC ,
Proposed Rules ,
Valuation
The federal banking agencies recently issued Frequently Asked Questions (FAQs) on appraisal and valuation functions in response to recent questions they received on their real estate appraisal regulations and guidelines....more
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more
3/16/2018
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FIRREA ,
FSOC ,
HMDA ,
Legislative Agendas ,
Mortgages ,
Online Marketplace Lending ,
Orderly Liquidation Authority ,
PACE ,
Proposed Legislation ,
Regulatory Oversight ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more
11/21/2017
/ Appraisal ,
Banking Sector ,
Banks ,
Cyber Threats ,
Elder Abuse ,
Financial Institutions ,
Financial Regulatory Reform ,
HMDA ,
Legislative Agendas ,
Mortgage Loan Originators ,
Proposed Legislation ,
Qualified Mortgage Rule ,
Regulatory Oversight ,
Rural Areas ,
Senate Banking Committee ,
TILA-RESPA Integrated Disclosure Rule (TRID)