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| Recommendations to Implement Appraisal Updates |
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Together with other organizations, America’s Credit Unions sent a letter to federal housing regulators on implementing provisions to modernize the appraisals process. The Appraisal Modernization Act, enacted as part of the 21st Century ROAD to Housing Act, aims to increase transparency and establish a standardized process for reviewing and resolving disputed home appraisals.
In the letter, the organizations:
• Argue that a standardized approach to the reconsideration of value (ROV) process with uniform practices, such as common forms for borrowers, standard data fields for tracking purposes, and consistent procedural steps and requirements for all the parties involved, would benefit the government, industry, and borrowers alike;
• Maintain that the simplest approach to implement the legislation is for the housing agencies to align the ROV process with the collateral valuation standards already established by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac; and
• Recommend that, if the agencies determine that the GSE standards can be further strengthened, the covered agencies work collaboratively to develop the new requirements.
Copyright © 2024-2026 America's Credit Unions. (link) |
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