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DOJ sues Rocket, appraisal companies over alleged discrimination

Housing Wire

The homeowner submitted a complaint to the HUD, which concluded that the defendants violated the Fair Housing Act , and referred the matter to the DOJ. After she complained to Rocket Mortgage, the company canceled her refinance application. This is the second appraisal bias case involving a top-10 lender and a powerful regulator.

Appraisal 511
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Rocket sues HUD, saying it isn’t accountable for appraiser’s actions

Housing Wire

The DOJ alleges that Rocket, along with two appraisal companies — Maverick Appraisal Group and Solidifi — and appraiser Maksym Mykhailyna, issued a biased home valuation that resulted in the denial of a refinance loan to a Black homeowner in Denver. She later filed a complaint with HUD , which referred the case to the DOJ.

Appraisal 397
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The Value of Words in Valuation

Appraisal Buzz

As a minimum basis, a real property appraisal report written for the government sponsored entities (GSEs) and agencies are what USPAP (Uniform Standards of Professional Appraisal Practice) refers to as Appraisal Reports. The post The Value of Words in Valuation appeared first on Appraisal Buzz. Standards rule 2-2 specifically.

Valuation 360
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FHFA takes a swing at racial bias in appraisal

Housing Wire

The Federal Housing Finance Agency (FHFA) is the latest stakeholder to examine how racial bias may creep into property valuations. But when the FHFA hunted for examples of racial bias by keyword searching the free-form commentary section in millions of appraisal reports, it found thousands of references to race and ethnicity.

Appraisal 459
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Supporting Market Conditions Adjustments: A Comprehensive Guide for Appraisers

Appraisal Buzz

By applying these methods, appraisers can provide reliable, accurate valuations that reflect current market conditions and ensure the appraisal’s credibility and acceptance. This comprehensive approach ultimately leads to more accurate, credible, and reliable valuations that reflect current market conditions.

Appraisal 358
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Fannie plans $15B in CRT deals in 2022

Housing Wire

The 45 CAS deals involved credit-risk transfer (CRT) notes issued to private investors against reference loan pools of single-family mortgages valued collectively as of the time of the transactions at just under $1.7 The reports point out that appraisal waivers were issued for about 44% of the reference pools in each transaction.

Investors 435
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Freddie Mac launches 9th STACR series offering in 2022

Housing Wire

This agency’s most recent credit risk transfer (CRT) offering, STACR 2022-DNA6, involves a $1.165 billion note backed by a reference loan pool of 112,865 residential mortgages with an outstanding principal balance of $35.6 The reference pools are composed of a total of nearly 1.1 billion for the $12.2 billion for the $12.2

Investors 448