News & Analysis as of

Appraisal Fair Housing Finance Agency

Cadwalader, Wickersham & Taft LLP

Federal Regulators Publish Final Rule on Automated Valuation Models and AI That Imposes Obligations on Secondary Market Issuers,...

On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more

Troutman Pepper

New Policies From FHA and FHFA Allow Borrowers to Challenge Property Appraisals

Troutman Pepper on

On May 1, the Federal Housing Administration (FHA), and the Federal Housing Finance Agency (FHFA) announced new policies that will allow borrowers to challenge property appraisals they believe to be inaccurate or biased....more

Ballard Spahr LLP

FHFA Again Addresses Underutilization of Appraisal Time Adjustments

Ballard Spahr LLP on

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

Ballard Spahr LLP

FHFA Cites Underutilization of Appraisal Time Adjustments

Ballard Spahr LLP on

The Federal Housing Finance Agency (FHFA) recently published a FHFA Insights blog post that cites the underutilization of appraisal time adjustments by appraisers....more

McGlinchey Stafford

Agencies Propose Quality Control Standards for AVMs

McGlinchey Stafford on

Mortgage originators and secondary market issuers use automated valuation models (AVMs) in determining the worth of collateral securing mortgages on consumers’ principal dwellings. As part of the Dodd-Frank Wall Street Reform...more

Orrick, Herrington & Sutcliffe LLP

Agencies reiterate illegality of appraisal discrimination

On February 14, CFPB Fair Lending Director Patrice Ficklin joined senior leaders from the FDIC, HUD, NCUA, Federal Reserve Board, DOJ, OCC, and FHFA in submitting a joint letter to The Appraisal Foundation (TAF) urging the...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Nondiscrimination and Military Protection Laws

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2022 applicable to consumers protected by nondiscrimination and military protection laws. The CFPB has historically been particularly active with respect to...more

Ballard Spahr LLP

FHFA Addresses Appraisal Bias

Ballard Spahr LLP on

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

Ballard Spahr LLP

FHFA Seeks Input on Appraisal Policies for Home Mortgage Loans

Ballard Spahr LLP on

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

White & Case LLP

COVID-19 Response: US financial services regulatory (Updated)

White & Case LLP on

In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more

Akerman LLP

Regulatory Guidance for Banks, Lenders, and Licensed Mortgage Originators Regarding Coronavirus (UPDATED)

Akerman LLP on

(New information added on April 17, 2020) - As the coronavirus crisis unfolds, federal and state financial services regulatory agencies have taken multiple actions impacting banks, non-bank financial service providers, and...more

Fox Rothschild LLP

Appraisal Groups Seek To Prevent Appraisal Waivers

Fox Rothschild LLP on

35 appraiser organizations including the Appraisal Institute are asking Congress to prevent Freddie Mac and Fannie Mae from issuing appraisal waivers. Freddie and Fannie recently announced plans to no longer require...more

Dechert LLP

FHA Issues Final Guidelines on PACE Assessments

Dechert LLP on

The U.S. Federal Housing Administration (FHA) issued final guidance in the form of Mortgagee Letter 2016-11 regarding the subordination of Property Assessed Clean Energy (PACE) assessments on Tuesday, July 19, 2016. As...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Ballard Spahr LLP

Financial Industry Regulators Seek Comment on Appraisal Management Companies Rule

Ballard Spahr LLP on

The Consumer Financial Protection Bureau along with five other federal agencies recently issued a joint proposed rule (Proposed Rule) regarding Appraisal Management Companies (AMCs) as required by Section 1473 of the...more

Goodwin

Federal Regulators Issue Proposal on Minimum Requirements for Appraisal Management Companies

Goodwin on

Collectively, the FDIC, the OCC, FRB, CFPB, NCUA and FHFA issued a proposed rule establishing the minimum requirements for mortgage appraisal management companies. An appraisal management company is generally an entity that...more

Ballard Spahr LLP

Federal Regulators Issue Joint Proposed Rule Regarding Appraisal Management Companies

Ballard Spahr LLP on

On March 24, 2014, the CFPB along with five other federal agencies issued a joint proposed rule (“Proposed Rule”) regarding Appraisal Management Companies (“AMC”) as required by section 1473 of the Dodd-Frank Act...more

Perkins Coie

Financial Services Bulletin: Action At Federal Agencies

Perkins Coie on

Agencies Adopt Final Rules Exempting Certain Higher-Price Mortgage Loans from Appraisal Requirements - On Thursday, December 12, 2013, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review - December 16, 2013

Final Rules Implementing the Volcker Rule - On December 10, the Fed, CFTC, FDIC, OCC and SEC issued final rules to implement Section 619 of the Dodd-Frank Act (the Volcker Rule), which prohibit insured depository...more

Ballard Spahr LLP

Federal financial regulatory agencies propose appraisal requirement exemptions for certain higher-priced mortgage loans

Ballard Spahr LLP on

The CFPB, Federal Reserve Board, FDIC, FHFA, NCUA, and OCC published in the Federal Register on August 8, 2013 proposed rules creating several exemptions to the appraisal requirements for higher-priced mortgage loans....more

Orrick - Finance 20/20

Appraisal Exemption for Higher-Priced Mortgages

Orrick - Finance 20/20 on

On July 10, the Fed, the CFPB, the FDIC, the FHFA and the OCC issued a joint proposed rule which would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans....more

Orrick - Finance 20/20

Joint Rule on Appraisals for Higher-Priced Mortgage Loans

Orrick - Finance 20/20 on

On January 18, the Fed, CFPB, FDIC, FHFA, NCUA and OCC issued a joint final rule, effective January 18, 2014, which establishes new appraisal requirements for “higher-priced mortgage loans”....more

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