On Friday, February 26, 2021, NAR submitted comments to the Federal Housing Finance Agency (FHFA) request for information on assessment-related policies, practices and processes (RFI). NAR contributed to several of the questions raised by the FHFA as part of the RFI, focusing on concerns about risk in the assessment area, the role of technology, and discrimination in reviews and other review products.
In general, NAR believes that a traditional personal appraisal continues to provide the most complete and thorough appraisal of the value of a real estate transaction. NAR also supports innovation in the valuation area and takes into account different types of valuation types depending on the transaction needs. Continued work to improve the assessment field must ensure fair and sound assessment practices and processes.
Response from NAR to the FHFA Appraisal RFI