On January 17, the Chair of the Appraisal Subcommittee (ASC) of the CFPB published a blog post detailing the progress made in strengthening oversight of the real estate appraisal industry. Since April 2022, the ASC has focused on several priorities under the leadership of the new Chair Zixta Martinez, including collaboration with stakeholders to ensure unbiased appraisals, completing rulemakings required by the Dodd-Frank Act, and improving oversight of state regulatory programs.

The blog post noted that the ASC has exercised its authority to hold hearings, addressing issues such as appraisal bias and barriers to entry in the profession, and has received extensive feedback from stakeholders. A noted development includes the approval of an NPRM to formalize a system of prompt corrective action for state appraisal regulatory agencies. The ASC has also resumed on-site compliance reviews and engaged in grant-making activities to support state programs. Last, there were changes to the Appraisal Foundation’s governance structure and the implementation of a strategic plan to modernize processes and increase diversity.