Appraisals

CFPB and DOJ file statement of interest in lawsuit alleging lender violated ECOA and FHA by denying loan based on appraisal alleged to be discriminatory

By Richard J. Andreano, Jr. & John L. Culhane, Jr. on March 15, 2023

Posted in Appraisals, CFPB, Dept. of Justice, Fair Lending, Litigation and Court Decisions

The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) have filed a Statement of Interest regarding the application of the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) to a lender that allegedly denied a loan to the plaintiffs based on a home appraisal alleged to be discriminatory.… Continue Reading

CFPB and other federal agencies express concerns to The Appraisal Foundation regarding draft changes to the Uniform Standards of Appraisal Practice

By Richard J. Andreano, Jr. on March 3, 2023

Posted in Appraisals, CFPB, Fair Lending, Mortgages

The CFPB and other federal agencies with the responsibility to enforce the Equal Credit Opportunity Act (ECOA) and/or Fair Housing Act (FHAct), recently sent a joint letter to The Appraisal Foundation (TAF) expressing concerns with the Fourth Exposure Draft of Proposed Changes for the 2023 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP). … Continue Reading

CFPB Hosts Hearing On Appraisal Bias

By Loran Kilson on January 26, 2023

Posted in Appraisals, CFPB, Fair Lending

The CFPB recently hosted the first hearing of the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (“ASC”) on appraisal bias. The hearing was led by CFPB Deputy Director Zixta Martinez and ASC Executive Director Jim Park. HUD Secretary Marcia L. Fudge, CFPB Director Rohit Chopra, and FHFA Director Sandra Thompson also participated in the hearing.… Continue Reading