Appraisal bias training mandates increase as compliance pressures mount
National Mortgage News
November 19, 2021, 2:09 p.m. EST
As regulators devote more attention to the issue of appraisal bias, valuation professionals are increasingly subject to new training requirements that lenders should monitor, especially given the warning from housing officials that lenders are accountable, too. In a Nov. 17 letter, the Federal Housing Administration reinforced that it expects both “appraisers and mortgagees” to comply with “all applicable anti-discrimation laws.” In line with those laws and increased attention to the issue at the federal level, a small but growing number of states are requiring appraisers to receive training in how to avoid bias as a requirement for licensing.