Real estate transactions rely on an objective appraisal to determine a home’s market value, but evidence suggests there’s potential for racial bias in the appraisal process.
In this brief video, from The National Association of REALTORs YouTube channel, we learn more about the Property Appraisal and Valuation Equity action plan to eliminate racial and ethnic bias in home valuations, and find tips to ensure an impartial appraisal.
REALTORS® won big when a federal appeals court slammed the Consumer Financial Protection Bureau for a RESPA referral fine it levied on a mortgage company that was following HUD rules.
The Voice for Real Estate video this week also looks at the drop in delays one year after new closing rules took effect. It also looks at why it will take a few years before the Rural Housing Service can use delegated underwriting like FHA.
And NAR scores a win when an FHA handbook is changed to remove a provision that would have required appraisers to act more like home inspectors when it comes to appliances.