The Federal Housing Finance Agency has opened a 60-day request for input on possible adjustments to the government-sponsored enterprises' appraisal practices.
Announced Monday, the request seeks comments on appraisal form design and the Uniform Appraisal Dataset,
"Modernizing the appraisal process has the potential to create a more streamlined and accurate collateral valuation process. But if modernization is not properly adopted, it could have negative unintended consequences," FHFA Director Mark Calabria said in a press release. "Today's RFI will improve FHFA's understanding of how the enterprises can improve the appraisal process while at the same time ensuring they don't take on unintended or inappropriate levels of risk."
In adherence to social distancing measures, the
The potential appraisal modifications from the RFI would ensure updated valuation procedures for handling the coronavirus in 2021. Additionally, the changes will help the housing finance system adapt to the increasingly digitized post-pandemic world.
The FHFA has been busy in the lead-up to the year's end. Notably, the agency extended the
The GSE appraisal questions will be open to feedback in the Federal Register until Feb. 26, 2021.