Appraisal Groups Seek to Stop GSE Appraisal Waivers
September 7, 2017
A coalition of more than 30 national and regional appraisal trade groups are calling on Congress to ensure the Federal Housing Finance Agency (FHFA) will not allow Freddie Mac and Fannie Mae to issue appraisal waivers.
In a letter to the chairmen and ranking members of the Senate Banking, Housing and Urban Affairs Committee and the House Financial Services Committee, the appraisal groups expressed their concern over a recent announcement that the government-sponsored enterprises (GSEs) plan to stop requiring appraisals for first purchase loans and mortgage refinancing. The appraisal groups are seeking to prevent FHFA from allowing the appraisal waivers to proceed until it can demonstrate that this new program is safe for both consumers and the GSEs, includes safeguards to prevent fraud, and is monitored by FHFA and tested with independent appraisals.
Among the organizations signing the letter were the American Society of Appraisers, American Society of Farm Managers and Rural Appraisers; Appraisal Institute, National Association of Appraisers and National Association of Independent Fee Appraisers.
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