NAR Comments on 4th ASC Hearing on Appraisal Bias

Earlier today, NAR sent comments to the Appraisal Subcommittee (ASC) regarding comments made during its fourth hearing on appraisal bias held February 13th. In the letter, NAR challenges the notion that current guidance on banks and fair housing is sufficient to use for appraisers. NAR followed up its letter from March of 2023 with another request for clear guidance from HUD. NAR also asks the ASC to improve efforts to make appraiser compensation more transparent by, among other things, modifying the way appraiser and third-party fees are reported on the TILA-RESPA Integrated Disclosures (TRID).