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Executives from mortgage giants Fannie Mae and Freddie Mac and the American Bankers Association will testify next week at a public hearing on appraisal bias, which stakeholders and members of the public are invited to attend in person or virtually.
The hearing, to be held Wednesday, Nov. 1, at the U.S. Department of Housing and Urban Development’s Washington, D.C. headquarters, will be the third conducted this year by the Federal Financial Institutions Examination Council’s (FFIEC) Appraisal Subcommittee as part of ongoing efforts to address appraisal bias.
The Biden administration launched an interagency initiative to combat bias in home appraisals on June 1, 2021 — the 100th anniversary of the Tulsa Race Massacre — as part of a larger effort to build Black wealth and narrow the racial wealth gap.
Last year’s report by the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) outlined steps that federal agencies will take to advance equity in the appraisal process and detailed additional recommendations for government and industry stakeholders.
At next week’s hearing, members of the FFIEC’s Appraisal Subcommittee (ASC) will discuss how a residential appraisal is developed and reviewed, the process for reconsiderations of value for residential real estate valuations, and the development of rural appraisals.
Witnesses scheduled to testify include:
- Robbie Wilson, president of the National Society of Real Estate Appraisers
- Dean Kelker, a board member of the Real Estate Valuation Advocacy Association
- Danny Wiley, senior director of single-family valuation, Freddie Mac
- Lyle Radke, senior director,…