One thing all segments of the real estate transaction have in common is a major reliance on data. Multiple agencies released information about data collection requirements and the organizations that provide that data.
Read about these announcements and more in this regulatory roundup:
CFPB director highlights concerns about appraisal industry oversight
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra highlighted the bureau’s concerns about governance and regulatory oversight practices employed by the Appraisal Foundation while speaking at an event hosted by the Federal Financial Institutions Examination Council’s Appraisal Subcommittee. Chopra asserted the Appraisal Foundation has significant influence in setting standards but lacks an adequate external review process and its complex governance structure raises questions about accountability. Additionally, he cited issues such as deficient policies intended to prevent conflicts of interest and governance restructuring favoring private interests. He also said a lack of transparency in the foundation’s leadership selection process exacerbates concerns about fairness and integrity within the industry. Read Chopra’s full comments here.
FHFA releases UAD aggregate statistics for Q4 2023
The Federal Housing Finance Agency (FHFA) recently released its Uniform Appraisal Dataset (UAD) Aggregate Statistics for the fourth quarter of 2023. The newly published data file and dashboards include new property characteristics and a new statistic, according to an agency press release. These resources are intended to provide stakeholders and the public with continued access to a broad spectrum of data points and trends gathered from appraisal reports. The new release includes six new measures of property structure and site, three new measures of neighborhood market conditions and one new value statistic. Find FHFA Director Sandra Thompson’s remarks here.
FHA provides implementation guidance for branch registration
The Federal Housing Administration (FHA) released new guidance materials for lenders and mortgagees regarding registration requirements for branch offices conducting FHA Title I or Title II loan originations. Mortgagee Letter (ML) 2024-04, Changes in Branch Office Registration Requirements, is a resource to help professionals interpret provisions of the final rule, published in February, which eliminated certain branch registration requirements. Learn more about the guidance and final rule here.
NCUA publishes HMDA guidance for 2024 data
The National Credit Union Administration published new guidance for credit unions that make residential mortgage loans and meet all four criteria to be covered by Home Mortgage Disclosure Act (HMDA) requirements implemented by the CFPB’s Regulation C. The guidance also notes that covered entities must submit their 2024 HMDA data to the CFPB no later than March 3, 2025. Learn more about the guidance here.