Appraisal Standards Must Include Federal Prohibitions Against Discrimination

Posted: Feb 17, 2023 | Author: CFPB

CFPB Equal Credit Opportunity Act Fair Housing Act

Homeownership is one of the best paths for building intergenerational wealth. For some homebuyers and owners, however, a home’s valuation may be skewed by skin color or community demographics. Biased home appraisals can worsen racial inequities and distort the housing market.

CFPB leaders have submitted a letter urging TAF (The Appraisal Foundation), to include a statement of federal prohibition against discrimination under the Fair Housing Act.