April 6, 2023

FHFA: Appraisal Subcommittee Hearing on Appraisal Bias Scheduled for May 19th

This will be the second public hearing on appraisal bias held by the ASC

The Federal Housing Finance Agency (FHFA) will host the Appraisal Subcommittee (ASC) on Friday, May 19, 2023, for its second public hearing on appraisal bias in coordination with ASC member agencies. 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,” said ASC Executive Director Jim Park. “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,” said FHFA Director Sandra L. Thompson. “FHFA remains committed to working with our federal partners to advance equitable and fair home valuations and keep this issue front and center.”

The hearing will be held from 10 a.m. to 1 p.m. ET at FHFA Headquarters located at 400 7th St S.W., Washington, D.C 20219, and requires advanced registration. It will also be live streamed and recorded for those who cannot attend in person. More details on the structure and witness list will be announced on the ASC Hearing event page in the coming weeks.

To RSVP, visit: https://www.eventbrite.com/e/appraisal-subcommittee-hearing-on-appraisal-bias-registration-607544701557. Media interested in covering the event should email MediaInquiries@fhfa.gov.

This post was originally published here.