Removing Barriers Blog

Comments submitted to FHFA re: GSE appraisals
Posted February 26, 2021 by CUNA Advocacy

CUNA wrote to the FHFA regarding the Agency's request for information (RFI) on appraisal-related policies, practices, and processes. FHFA is seeking input on the current appraisal policies, practices, and processes, especially as they relate to modernizing the appraisal process and balancing mortgage lenders’ need for efficiency with the GSEs need for prudent risk management. The agency will consider the feedback received to determine the next steps for modifications and modernizations to the GSEs’ appraisal policies, practices, and processes.

CUNA supports the agency’s effort to assess and modernize the current GSEs’ appraisal policies, practices and processes. During this process, we recommend the FHFA consider the importance of permitting new valuation solutions – including virtual walk-throughs with local real estate agents or another qualified individual – that could beneficially augment traditional approaches to appraisals. Adopting modern appraisal solutions that leverage ubiquitous, improved technologies would greatly benefit rural areas that deal with unique challenges with traditional in-person appraisals. We also encourage the FHFA to revise its education and training requirements for new appraisers with an eye toward increasing the pool of individuals entering this critical vocation.