Appraisals

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.

Nationwide Property & Appraisal Services announced Friday the purchase of Integrity Appraisal Management.

Under guidelines proposed this month, credit unions would see changes in the quality standards for computer-generated appraisal systems, along with when and how financial institutions and consumers can request reconsiderations of value.

Six regulatory agencies are seeking public comment on a proposed rule that would establish best practices for using automated valuation models to assess collateral.

In an amicus brief, the trade group voiced concern over a statement recently provided by government agencies in a lawsuit involving loanDepot.

The agency said it will include home valuation practices in its fair lending review. It's the latest effort by a Washington regulator to root out discriminatory practices in the profession.

The government-sponsored enterprise took the next step towards allowing lenders to implement its property valuation modernization plans.

The filing is the most recent accusation of discrimination in the field, an issue that has drawn attention from the White House last year.

Its "enhanced" oversight procedures now include a multilayered review process and if discriminatory bias is confirmed, an appraiser "will be subject to removal," the department said

During a hearing on racial bias in home valuation, the head of the Consumer Financial Protection Bureau questions the Appraisal Foundation's "weird" regulatory structure.

The department wants to make changes to its reconsideration of value process by giving Federal Housing Administration borrowers the opportunity to seek a second appraisal