News & Analysis as of

Department of Housing and Urban Development Fair Housing Act (FHA) Appraisal

Ballard Spahr LLP

Rocket Mortgage Turns the Table on HUD

Ballard Spahr LLP on

As previously reported, this summer the U.S. Department of Housing and Urban Development (HUD) filed a housing discrimination charge under the Fair Housing Act against an appraisal company, individual appraiser, appraisal...more

Ballard Spahr LLP

HUD Enters Conciliation Agreement with the Appraisal Foundation to Curb Discrimination in the Industry

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The U.S. Department of Housing and Urban Development (HUD) announced that it has entered into an historic Conciliation Agreement (Agreement) with The Appraisal Foundation (TAF), an organization responsible for setting...more

Orrick, Herrington & Sutcliffe LLP

Agencies reiterate illegality of appraisal discrimination

On February 14, CFPB Fair Lending Director Patrice Ficklin joined senior leaders from the FDIC, HUD, NCUA, Federal Reserve Board, DOJ, OCC, and FHFA in submitting a joint letter to The Appraisal Foundation (TAF) urging the...more

Ballard Spahr LLP

CFPB Hosts Hearing On Appraisal Bias

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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...more

Orrick, Herrington & Sutcliffe LLP

HUD discusses steps to address appraisal bias

On January 12, HUD Secretary Marcia L. Fudge announced at a Brookings Institute event that HUD is creating a process that people seeking FHA financing can use to request a review of their appraisal if they believe the results...more

Ballard Spahr LLP

HUD Issues Draft Reconsideration of Value Guidance with FHA Loans

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The U.S. Department of Housing and Urban Development (HUD) recently issued a draft Mortgagee Letter on reconsideration of value (ROV) policies in connection with appraisals for FHA insured mortgage loans. The draft Mortgagee...more

Ballard Spahr LLP

NCRC Files Appraisal Bias Complaints with HUD and Issues a Related Report

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The National Community Reinvestment Coalition (NCRC) recently filed two complaints against appraisers with the Department of Housing and Urban Development asserting different treatment based on race in violation of the Fair...more

Sheppard Mullin Richter & Hampton LLP

Interagency Task Force Unveils Action Plan to Address Racial Discrimination in Home Appraisals

On March 22, HUD announced the delivery of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan to President Biden.  The PAVE Action Plan outlines actions that are intended to substantially...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2019

Federal Reserve Announces Plan for Real-Time Payment and Settlement Service - The Federal Reserve has announced that the Federal Reserve Banks will develop a new real-time gross settlement service with integrated clearing...more

Troutman Pepper

Summary of HUD's LEAN 232 Program E-mail Blast: Office of Residential Care Facilities (ORCF), June 24, 2015

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The June 24, 2015 LEAN Email Blast contains information on the new protocol for release of R4R and NCRE, handling aged account receivables, clarification on UPL revenues, a 241(a) status update, a new IRR legal checklist and...more

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