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NAFCU, Fannie Mae discuss appraisal bias, CU lending trades, more
NAFCU Wednesday met with Fannie Mae CEO Hugh Frater to discuss several topics related to appraisal modernization and eliminating appraisal bias. NAFCU President and CEO Dan Berger, Senior Vice President of Government Affairs Greg Mesack, Vice President of Regulatory Affairs Ann Kossachev, and Regulatory Affairs Counsel Aminah Moore were in attendance at the meeting.
Of note, several agencies including the NCUA and CFPB last week wrote to The Appraisal Foundation (TAF), a private non-governmental entity with the sole power to set professional standards for appraisers, calling out TAF for failing “include clear warnings about the requirements of federal law in the standards it sets, and in the training it provides for appraisers.”
The group also discussed appraisal modernization standards, specifically how the association has called on federal financial regulators including the NCUA to expedite coordination for interagency rulemaking to establish quality control standards for the use of automated valuation models (AVMs) under the Dodd-Frank Act.
In addition, the group discussed NAFCU’s recommendation that Fannie Mae and Freddie Mac offer community development financial institution (CDFI) pilot programs to help expand access to mortgage credit for low- and moderate-income individuals, as well as the latest trends in credit union mortgage lending.
NAFCU remains engaged with Fannie Mae to help credit unions provide superb mortgage and lending services to consumers.