Appraisals

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.

Rocket Mortgage relied on a biased appraisal when it denied a borrower's refinance application in Denver three years ago, the housing agency claims.

In the three years since the Surfside condo collapse, Fannie Mae and Freddie Mac have made policy changes intended to address safety concerns.

The announcement comes as the bureau's director regularly voices doubts about whether algorithmic models can be entirely nondiscriminatory and warns companies of potential enforcement from violations.

The inclusion of policy addressing potential bias or discrimination in AVM models drew both support and criticism, with some stakeholders calling for the creation of an independent nonprofit to help ensure compliance.

Executive Vice President of Strategy and Growth at Clear Capital, Kenon Chen, on how the company is using machine learning and computer vision to analyze and compare property values.

Both quasi-public mortgage investors have new requirements for when borrowers question valuations. Freddie Mac is expanding use of title insurance alternatives.

The company's attorneys had previously managed to successfully decertify the class in the seven-year long case, but the decision was reversed last year.

Despite pressure from the Consumer Financial Protection Bureau, the embattled Appraisal Foundation tapped its longtime second-in-command to be its next president.

As part of the settlement, Loandepot will beef up its appraisal policies and practices, it announced.

Intercontinental Exchange is leveraging the recent acquisition of Black Knight in new business partnerships announced at its annual mortgage conference.

The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.

A mixed-race couple claims a "whitewashed" valuation in 2023 returned a price 39% higher than the depository-approved result a year earlier.

The guidelines come as lenders face lawsuits over alleged discriminatory valuations.

Fannie Mae is implementing a new prohibition for traditional valuations and addressing the possibility of the National Flood Insurance Program lapsing.

Analysis conducted by the Federal Housing Finance Agency found values coming in under contract price as often as 15% of the time in recent years, with appraisers failing to account for quickly changing market conditions.

A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.

One in eight appraisal-related fees are covered by lenders, a survey conducted by Stratmor Group found.