NAFCU meets with FHFA to discuss plans to address appraisal bias and modernization

NAFCU Regulatory Affairs Counsel Aminah Moore met with the Federal Housing Finance Agency (FHFA) to discuss their plans to address appraisal bias and modernization. From the meeting, the FHFA made it clear that they are strongly focused on the issue as regulators look to streamline the appraisal process.

To address the issue, the FHFA is focused on appraisal modernization by:

• updating appraisal forms using 3D scanning, reducing free flow text, and more tools;
• being a member of PAVE – an interagency task force to address the inequity in appraisals, created by President Biden;

 

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