Appraisals

New research found limitations in current appraisal tools and methods contributing to inconsistencies that may result in incorrect property valuations.

Companies are starting to leverage tools such as artificial intelligence and machine learning as part of the property valuation and review process.

Plaintiffs alleging the lender manipulated home valuations ten years prior argued the interpretation of the rule cited in determining the case's standing was a stretch.

The Department of Justice argues that mortgage lenders, including Rocket Mortgage, should be held accountable for the work of third-party appraisers.

Companies' new uses for AI, regulators' responses to past cyber incidents and wider acceptance of digital collateral were among the year's top developments.

Positive feedback from participants in existing programs led to the decision to expand them in order to assist more lenders.

Melody Taylor, the executive director of the Property Appraisal and Valuation Equity task force, said the interagency group went above and beyond expectations. She also defended it against common attacks from working appraisers.

The interagency Property Appraisal and Valuation Equity initiative, which was tasked by the Biden administration with rooting out bias in home valuations, appears to have run its course. But experts say it could be years before the group's efforts bear fruit.

The final rule governing the use of automated valuation models for home assessments is substantially similar to the initial proposal made last June.