News & Analysis as of

Appraisal Fair Housing Act (FHA)

Whitman Legal Solutions, LLC

HUD Files Appraisal Discrimination Charge Against Rocket Mortgage

The Fair Housing Act Applies to Residential Real Estate Appraisals - The Fair Housing Act (FHA) was passed in 1968 to prohibit housing discrimination based on race, color, religion, and national origin. Since then, the...more

Ballard Spahr LLP

HUD Enters Conciliation Agreement with the Appraisal Foundation to Curb Discrimination in the Industry

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The U.S. Department of Housing and Urban Development (HUD) announced that it has entered into an historic Conciliation Agreement (Agreement) with The Appraisal Foundation (TAF), an organization responsible for setting...more

Troutman Pepper

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

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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

Alston & Bird

Appraisal Bias Settlement: Potential Roadmap

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What Happened? The lender and consumers reached a settlement in an appraisal bias case, Nathan Connolly and Shani Mott v. Shane Lanham, 20/20 Valuations, LLC, and loanDepot.com, LLC, filed in Maryland District Court, that...more

Alston & Bird

Appraisal Bias Focus Continues in 2024

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What Happened? Building on the 2021 announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”) and a series of federal agency actions in the intervening months, 2024 brings new efforts at...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

Troutman Pepper

Federal Agencies Release Proposed Automated Valuation Model Rule

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With a roll-out led by Vice President Harris, the federal financial services regulators have released the long-awaited proposed automated valuation model (AVM) rule, referencing both home appraisal bias in mortgage lending...more

Orrick, Herrington & Sutcliffe LLP

DOJ, CFPB: Lenders that rely on discriminatory appraisals violate the FHA and ECOA

On March 13, the DOJ and CFPB filed a statement of interest saying that a “lender violates both the [Fair Housing Act (FHA)] and ECOA if it relies on an appraisal that it knows or should know to be discriminatory.” ...more

Alston & Bird

Structured Finance Spectrum – February 2023

Alston & Bird on

Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...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

Ballard Spahr LLP

CFPB Hosts Hearing On Appraisal Bias

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The CFPB recently hosted the first hearing of the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (“ASC”) on appraisal bias. The hearing was led by CFPB Deputy Director Zixta Martinez and ASC...more

Orrick, Herrington & Sutcliffe LLP

HUD discusses steps to address appraisal bias

On January 12, HUD Secretary Marcia L. Fudge announced at a Brookings Institute event that HUD is creating a process that people seeking FHA financing can use to request a review of their appraisal if they believe the results...more

Ballard Spahr LLP

HUD Issues Draft Reconsideration of Value Guidance with FHA Loans

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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

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Mortgage

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In this article, we share a timeline of our monthly "bites" for 2022 applicable to the Mortgage industry. So, what happened in 2022?...more

Ballard Spahr LLP

NCRC Files Appraisal Bias Complaints with HUD and Issues a Related Report

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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

Whitman Legal Solutions, LLC

The Fair Housing Act and Appraisals

In law, the Fair Housing Act (FHA) is focused on equality and inclusion in the housing market and reached its 50th year in 2018. Although the FHA and fair housing advocates have done much to overcome the damage done by...more

Sheppard Mullin Richter & Hampton LLP

Interagency Task Force Unveils Action Plan to Address Racial Discrimination in Home Appraisals

On March 22, HUD announced the delivery of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan to President Biden.  The PAVE Action Plan outlines actions that are intended to substantially...more

Moore & Van Allen PLLC

Federal Agencies Focused on Discriminatory Home Valuation Practices

Moore & Van Allen PLLC on

Late last year, news services reported on the results of the efforts of a black couple living in Northern California to challenge what they believed was an initial, discriminatory low-ball appraisal of their home. To test...more

Ballard Spahr LLP

CFPB and other federal agencies address appraisal discrimination

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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

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2019

Federal Reserve Announces Plan for Real-Time Payment and Settlement Service - The Federal Reserve has announced that the Federal Reserve Banks will develop a new real-time gross settlement service with integrated clearing...more

Troutman Pepper

Summary of HUD's LEAN 232 Program E-mail Blast: Office of Residential Care Facilities (ORCF), June 24, 2015

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The June 24, 2015 LEAN Email Blast contains information on the new protocol for release of R4R and NCRE, handling aged account receivables, clarification on UPL revenues, a 241(a) status update, a new IRR legal checklist and...more

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