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Read about recent events, essential information and the latest community news from AARO.

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Jan
26

ASC Public Hearing on Appraisal Bias Brings Together Key Stakeholders

Public Hearing on Appraisal Bias Brings Together Key Stakeholders

Public comments on appraisal bias accepted until February 8

 

Washington, DC – The Appraisal Subcommittee (ASC) hosted its first ever public Hearing on Appraisal Bias this week, bringing together Federal agencies, experts from across the mortgage lending and appraisal industries, researchers, and consumers to work toward the fair and accurate valuation of homes for all Americans.

 

“As the Federal agency charged with oversight of the appraisal regulatory system, we have grown increasingly concerned about the stories of bias that have circulated in the national media in the past several years, as well as recent studies on the topic. The ASC is also very concerned about the lack of diversity among appraisers and the excessive barriers to entry that likely deter entry into the profession, particularly for people of color.” ASC’s Executive Director Jim Park said at the Hearing.

 

“The ASC has made these issues a cornerstone of its work. We are using the authority we have at our disposal to  highlight appraisal bias and address the lack of diversity in the profession.”

 

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge delivered opening remarks. Secretary Fudge noted that the overarching goal of the continued work on appraisal bias remains establishing the kind of change that can help “all families, in all neighborhoods, have a better chance at building generational wealth.”

 

The Hearing featured witness testimony from Dr. Junia Howell of the University of Illinois Chicago, homeowners Tenisha Tate-Austin and Paul Austin, Michael Fratantoni, Chief Economist, Senior Vice President, Research and Industry Technology of the Mortgage Bankers Association, and Craig Steinley, President of the Appraisal Institute. Witnesses reflected on their professional and personal experiences with appraisal bias and provided suggestions to the assembled panel on how to best address this complex and multifaceted issue.

Representatives from all seven agencies comprising the ASC Board asked questions of the witnesses with a focus on the consumer experience, the barriers to entry in the appraisal profession, and the impact on the market.

 

“It won’t be easy – and nothing worthwhile ever is – but by working together, I’m hopeful we’ll find solutions to these longstanding problems,” Park said. “No one should have to hide who they are to obtain a credible appraisal that is independent, non-bias and performed in a competent manner.”

 

Members of the public are invited to share their perspective on and experiences with appraisal industry including appraisal bias, suggestions for data and tools that should be made available to help educate consumers about their rights, and topic ideas for future Public Hearings, by sending written comments to AppraisalBiasHearing@asc.gov until February 8, 2023.

 

 

The Appraisal Subcommittee (ASC) oversees the real estate appraisal regulatory framework for federally related transactions. The ASC is a subcommittee of the Federal Financial Institutions Examination Council (FFIEC). Visit asc.gov for more information.

 

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Jan
21

AARO Spring Call for Presentations

AARO is accepting presentation proposals for its Spring 2023 Conference in Savannah, Georgia on May 9-11, 2023. Presentation Proposals are due by February 3, 2023.

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Jan
10

AARO Board of Director's Meeting

AARO will be holding a virtual Board of Director's Meeting on January 10, 2023, at 1:00 PM EST. 

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Nov
18

AARO Has Moved

AARO has moved locations. 

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Aug
26

ASC Press Release - APPRAISAL SUBCOMMITTEE (ASC) PARTNERS WITH MISSISSIPPI PRACTICAL APPRAISER TRAINING (MPAT) FOR THE PROGRAM’S FIRST GRADUATION

The Appraisal Subcommittee issued a press release today regarding the Missisisippi MPAT program which will help eliviate barriers to entry in to the appraiser profession with their innovative pathway to licensure. Read the full release here

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Jul
15

TAF Letter to State Regulators

The Appraisal Foundation responded to the July 8, 2022 Appraisal Subcommittee letter to state agencies regarding the 7-Hour USPAP update course. Read TAF's letter here.

From the letter: 
Based on the guidance of Relman Colfax, we [TAF] will be issuing an updated version of this 90-minute portion of the 7-Hour National USPAP Update Course this fall, which clarifies and adds detail to the current section examining bias as it relates to USPAP. In addition to this new material being made available for educators and students, it will also be sent directly to every person who has taken the course to date. Equivalent providers of this course will also receive this updated course which they can insert directly into their existing courses. 

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Jul
08

Appraisal Subcommittee Letter to State Agencies

On July 8, 2022, the Appraisal Subcommittee sent a letter to state agencies regarding the 7-Hour USPAP update course. In the letter, the ASC cited one of the findings with regard to Fair Housing module. In the letter, the ASC provides options to state agencies. You can read the full letter here

Excerpt from the letter: 
Therefore, in connection with the ASC’s authority to monitor State appraiser certifying and licensing agencies pursuant to Title XI, the ASC does not intend to criticize States based on their determination as to whether their credentialed appraisers will be required to take the 2022-2023 7-Hour National USPAP Update Course until the concerns raised in the Report are addressed and new course content available. This would not affect the minimum continuing education hours required in the AQB Criteria. If States choose not to require the 2022-2023 7-Hour National USPAP Update Course, appraisers would need to fulfill the required continuing education hours with other continuing education offerings, and States would need to document the file accordingly.

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Feb
23

Small Business Advisory Review Panel for Automated Valuation Model (AVM) Rulemaking Outline of Proposals and Alternatives Under Consideration

Consumer Financial Protection Bureau (CFPB or we), along with the
Board of Governors of the Federal Reserve System (Board), the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency (FHFA) are working together to develop a proposed rule to implement FIRREA section 1125. Read the outline of proposals and alternatives under consideration here

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Feb
23

Appraisal Institute Response Letter

In a letter dated February 23, 2022, the Appraisal Institute responded to the letter from Maxine Waters. In the AI's letter, they commented on their initiatives to address concerns about bias and diversity in the appraisal profession, which includes, but is not limted to guidance for appraisers, spearheading legistaiton efforts, and support of more education. 

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Feb
22

Chairwoman Maxine Waters Letter RE: Bias and Discrimination

On February 22, 2022, Represantative Maxine Waters sent a letter to Secretary Fudge and others calling on regulators to investigate misconduct and potential illegial discrmination after an appraiser sent an email to Elizabeth Korver-Glenn. 

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