NAR Letter to FHFA Regarding Appraisal Modernization and Data Collectors

Issue Date: May 03, 2023

On May 3 NAR sent a letter to the Federal Housing Finance Agency (FHFA) regarding appraisal modernization, oversight, and the use of data collectors.
While NAR is supportive of modernization, though a licensed appraiser is the best option, the letter points out that:
  • More information about data collectors should be collected and shared,
  • A full review of automated valuation models (AVMs) is needed,
  • More oversight of the data collected, and privacy issues should be explored,
  • The rollout of the data collection program could have impacts on competition in the valuation space and consumer impacts, and
  • The GSEs need to stake steps to prevent internalizing the valuation risk.