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Next public hearing on appraisal bias: November 1

On Wednesday, November 1, 2023, the Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) will hold its third public hearing on appraisal bias to 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.

The following witnesses will share testimony during the hearing:

  • Robbie Wilson, Chief Appraiser, RSDS LLC, and President, National Society of Real Estate Appraisers
  • Dean Kelker, Board of Directors, Real Estate Valuation Advocacy Association
  • Danny Wiley, Senior Director of Single-Family Valuation, Freddie Mac
  • Lyle E. Radke, Senior Director, Single-Family Collateral Risk, Fannie Mae
  • Sharon Whitaker, Vice President, CRE & Mortgage Finance, American Bankers Association

We invite and encourage members of the public to attend this hearing, which will be held in person at the U.S. Department of Housing and Urban Development headquarters, located at 451 7th St. SW, Washington, DC, 20410. Members of the public can also submit written comments on the topics of the hearing to until November 15.

A livestream will also be available to registered attendees. Register now to attend .

Public hearings to address home appraisal bias

To help prevent discrimination in the home appraisal process, the CFPB has joined other federal agency regulators as members of the Appraisal Subcommittee, which oversees the real estate appraisal regulatory framework for federally related transactions, including monitoring and reviewing of The Appraisal Foundation. Throughout 2023, the Appraisal Subcommittee has conducted a series of public hearings to better understand the challenges and potential solutions related to appraisal bias.

The first-ever public hearing of Appraisal Subcommittee, which took place in January, focused on understanding the home appraisal system and the root causes of appraisal bias. The session was led by CFPB Deputy Director Zixta Martinez and featured CFPB Director Rohit Chopra, as well as U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge and Federal Housing Finance Agency (FHFA) Director Sandra Thompson. Witness testimony included homeowners with first-hand experience in receiving an undervaluation of their home, as well as academic research on the causes of appraisal bias. The purpose of the hearing was to keep the spotlight on the issue of appraisal bias, provide information on the role of the Appraisal Subcommittee in the appraisal regulatory system, and receive feedback from key stakeholders and the public.

The second hearing, held in May, focused on appraisal standards, appraiser qualification criteria, barriers to entry into the profession, and appraisal practices. Witnesses included the chairs of The Appraisal Foundation’s Appraiser Qualifications Board and Appraisal Standards Board, as well as representatives from the California Bureau of Real Estate Appraisers and the National Fair Housing Alliance, and an appraiser. Among the topics discussed, witnesses addressed fees associated with obtaining and maintaining appraiser credentials, and The Appraisal Foundation’s overall lack of transparency and regulatory guardrails.

Learn more about the Appraisal Subcommittee public hearing series on appraisal bias.

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