The Federal Housing Finance Agency (FHFA) will host the Appraisal Subcommittee (ASC) [1] on Friday, May 19, 2023, for its second public hearing on appraisal bias in coordination with ASC member agencies at 9:00 a.m. Central at FHFA Headquarters in Washington, D.C.
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.
The following witnesses will share testimony during the Hearing:
- Jonathan Miller, President and CEO, Miller Samuel Inc. [2]
- Michelle Czekalski Bradley, Certified General Appraiser, Chair of the Appraisal Standards Board (ASB) [3]
- Brad Swinney, Chief Appraiser, Farm Credit Bank of Texas, Chair of the Appraiser Qualifications Board (AQB) [4]
- Angela G. Jemmott, Bureau Chief, California Bureau of Real Estate Appraisers, representing the Association of Appraiser Regulatory Officials (AARO) [5]
- Morgan Williams, General Counsel, National Fair Housing Alliance [6]
“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 [7]. “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.”
The hearing will be held at FHFA Headquarters in Washington, D.C., and requires advanced registration. It will also be live streamed and recorded for those who cannot attend in-person.
“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 [8]. “FHFA remains committed to working with our federal partners to advance equitable and fair home valuations and keep this issue front and center.”
Click here [1] for more information or to register for the Appraisal Subcommittee’s Hearing on Appraisal Bias.
Here's what else is happening in The Week Ahead:
- REO Connect 2023 [9] (Tuesday-Thursday)
- Senate Banking Committee: Examining the Failures of Silicon Valley Bank and Signature Bank [10] (Tuesday)
- Fannie Mae's Refinance Application-Level Index [11] (RALI) (Tuesday)
- MBA Weekly Applications Survey [12] (Wednesday)
- House Financial Services Committee: Subcommittee on Financial Institutions and Monetary Policy & Subcommittee on Oversight and Investigations [13] (Wednesday)
- House Financial Services Committee: The Current Mortgage Market: Undermining Housing Affordability with Politics [14] (Wednesday)
- Terner Center for Housing Innovation: Exploring Challenges and Successes of the Emergency Housing Voucher Program: Insights from Public Housing Authorities Webinar [15] (Wednesday)
- Senate Banking Committee: Strengthening Accountability at the Federal Reserve: Lessons and Opportunities for Reform [16] (Wednesday)
- Realtor.com Weekly Housing Market Recap [17] (Wednesday)
- Freddie Mac Primary Mortgage Market Survey [18] (Thursday)
- NAR April Existing-Home Sales Report [19] (Thursday)
- U.S. Department of Labor's Unemployment Insurance Weekly Claims Report [20] (Thursday)