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It’s likely that the task force’s recommendations will be adopted by most of the major players in the residential mortgage lending arena. Over the past several years, the single largest source of business for realproperty appraisers has been residential mortgage lending, specifically mortgage refinances.
FNMA indicates that their 2022 lending volume is down 47% from 2021 and is expected to drop by another 50% in 2023. From accusations of bias or discrimination to failure to disclose significant realproperty appraisal assistance, it can be really alarming if a licensing board reaches out and notifies you of a complaint.
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