NAR Writes FHFA Regarding Appraisal Modernization and Data Collectors

NAR sent a letterpdf to the Federal Housing Finance Agency (FHFA) regarding appraisal modernization, oversight, and the use of data collectors.

While NAR is supportive of modernization, though a licensed appraiser is the best option, the letter points out that:

• More information about data collectors should be collected and shared,
• A full review of automated valuation models (AVMs) is needed,
• More oversight of the data collected, and privacy issues should be explored,
• The rollout of the data collection program could have impacts on competition in the valuation space and consumer impacts, and
• The GSEs need to stake steps to prevent internalizing the valuation risk.

NAR's Letter to the FHFApdf