The Federal Housing Finance Agency will host the Appraisal Subcommittee (ASC) for its next public hearing in coordination with ASC member agencies. This second public hearing is scheduled for 10 a.m. on Friday, May 19.
The intent of this hearing is to explore the current regulatory framework for the appraisal industry by focusing on appraisal standards, appraiser qualification criteria, barriers to entry into the profession, and appraisal practices.
“Based on public comments received and information gathered during the first hearing, it was clear that additional information on the appraisal regulatory system as a whole was needed to provide necessary context to any discussion of bias,” ASC Executive Director Jim Park said. “This is an opportunity to expand our understanding of the issues facing today’s appraisal industry and to get a clearer picture of how current practices and the appraisal regulatory system impact lending in this country.”
“Public hearings on appraisal bias are critical to gathering vital information and listening to diverse perspectives on a key component of the home purchase process,” FHFA Director Sandra Thompson said. “FHFA remains committed to working with our federal partners to advance equitable and fair home valuations and keep this issue front and center.”
The first ASC public hearing, hosted by the Consumer Financial Protection Bureau – one of the ASC member agencies – included testimony from experts as well as homeowners who claimed to have experienced appraisal bias as they prepared to sell their home.