The VA is adding a step to its appraisal bias detection procedures. Meanwhile, the National Association of Realtors told the agency not to rush its appraisal modernization efforts.
The Farm Credit Administration is considering updates to the capital requirements for Farmer Mac, a government-chartered securitization company. The changes would be made to bring the rules up to date with recent changes at other agencies.
The proposed rule is meant to prohibit ABS issuers from engaging in “conflicted transactions” that could influence the deal structure in a way that puts their interests ahead of those of investors.
The first-ever open hearing of the Appraisal Subcommittee saw calls for structural reforms to the industry, changes to methodology and increased disclosures to consumers regarding reconsideration of value.
The CFPB received fewer complaints from consumers about mortgages in 2022. Criticisms about loan modifications inched up 1.5% on an annual basis, despite a 6.1% drop from the third to the fourth quarter. (Includes two data charts.)
The procedures, updated for the first time since 2016, now include a way for examiners to review loss-mitigation efforts for disparate impact. They integrate questions on issues covered in recent guidance that may constitute unfair, deceptive or abusive acts or practices.
The bureau seeks to weed out one-sided terms and conditions included in contracts that consumers sign when purchasing a product or signing up for a service from a nonbank. House Financial Services Committee Chair Patrick McHenry, R-NC, slammed the proposal.