FHFA: HUD and FHFA Expand Scope of Public Appraisal Data to Ensure Fairer Home Appraisals
The Federal Housing Finance Agency released its latest update of the Uniform Appraisal Dataset (UAD) that now includes appraisal data on loan applications submitted to the Federal Housing Administration The Federal Housing Finance Agency (FHFA) and U.S. Department of Housing and Urban Development (HUD) today jointly released new appraisal data from loan applications on single-family…
FHFA: Updates to Enterprise Policies on Appraisals, Loan Repurchase Alternatives, and Pricing Notifications Announced
The Federal Housing Finance Agency (FHFA) announced updates today to several Fannie Mae and Freddie Mac (the Enterprises) policies that are intended to enhance efficiencies and promote cost savings in the single-family mortgage market. “Today’s announcements highlight actions that will better ensure the Enterprises are reliable sources of liquidity for lenders of all sizes and…
FHFA: Uniform Appraisal Dataset Aggregate Statistics Expanded with New Measures and New Quarterly Data
he Federal Housing Finance Agency (FHFA) today published its 2024 second quarter data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics and introduced new condominium data as part of the UAD Aggregate Statistics. This is the first publicly available data drawn from condominium appraisal records and complements the existing data for single-family homes. “Today’s release…
Agencies Finalize Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
Five federal regulatory agencies today issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the…
OCC: Final Rule on Automated Valuation Models Approved
The Office of the Comptroller of the Currency today approved a final rule to implement quality control standards for automated valuation models used by mortgage originators and secondary market issuers in valuing residential real estate collateral securing mortgage loans. The rulemaking supports Acting Comptroller of the Currency Michael J. Hsu’s priority to reduce inequality and…
HUD: New Guidance Issued to Protect Borrowers from Appraisal Bias
Federal Housing Administration’s new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations. Today, the U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a major new step in the Department’s work to protect borrowers from racial or ethnic…
FHFA: Enterprise Reconsideration of Value Policies Announced
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) published new Reconsideration of Value (ROV) policies after months of collaboration with FHFA and the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration. A Reconsideration of Value is a request to an appraiser to re-assess the…