Housing Wire
OCTOBER 21, 2024
Under federal law, mortgage lenders are required to work at arm’s length during the appraisal process, partnering with independent appraisal management companies who assign the work to state-licensed professional appraisers,” a spokesperson for Rocket told HousingWire.
Housing Wire
MAY 2, 2024
Appraisal bias issues are more commonly discussed on the forward lending side of the mortgage business, but entities including the federal government and independent advocacy groups — including the National Consumer Law Center (NCLC) — have warned that appraisal bias could also impact seniors seeking a reverse mortgage.
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Housing Wire
JUNE 9, 2023
The guidance, to be published in the Federal Register with a 60-day public comment period thereafter, “shows how ROVs intersect with appraisal independence requirements and compliance with applicable laws and regulations,” according to the announcement. The guidance also prioritizes appraisers’ independence and responsiveness to consumers.
Housing Wire
MARCH 26, 2024
The changes include communicating to applicants that they have the right to request a reconsideration of value (ROV); explaining why an ROV is denied or the valuation is unchanged; and training its credit, valuation and customer service staff on the topic.
Housing Wire
MAY 20, 2024
HUD has also added new language to the section about potential second appraisals for the original mortgagee, incorporating language that describes “a potential violation of fair housing laws or professional standards related to nondiscrimination” as one such reason for initiating a second appraisal.
Housing Wire
MARCH 23, 2022
The task force report said that the appraisal industry “lacks clarity around its antidiscrimination obligations,” and so the Consumer Financial Protection Bureau , the Department of Justic e, the Department of Veterans’ Affairs and HUD will issue specific guidance on how fair housing law applies to the appraisal industry.
Housing Wire
DECEMBER 20, 2024
We followed the rules; we followed the law. We offered a reconsideration of value twice to the client. Emerson: I don’t think there’s anything we can do in the current environment with the way the laws and the rights are written. We did nothing wrong. Clarity must be brought to the industry.
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