On January 17, 2025, the CFPB published a blog post authored by Appraisal Subcommittee (ASC) Chairman Zixta Martinez to provide an informal report on the progress made by the Subcommittee. In particular, Martinez provided updates in relation to the priorities set by the ASC back in April 2022.
According to Martinez, the ASC has made significant progress in the Subcomittee’s priorities, in particular:
The ASC conducted four hearings from January 2023 to February 2024 on appraisal bias and barriers in the profession, gathering testimonies from various stakeholders, including the Tate-Austin couple, and receiving 150 written comments, which enriched discussions between the ASC and TAF.
On November 20, 2024, the ASC Board approved a proposed rule to formalize a system of prompt corrective action under the Dodd-Frank amendments to FIRREA, with comments accepted until February 4, 2025.
The ASC resumed on-site Compliance Reviews in January 2023, issuing 58 final reports, including five that rated State Appraiser or AMC Programs as "Needs Improvement" and four as "Not Satisfactory."
The ASC issued nine grants to state regulatory programs, including three to first-time recipients, and highlighted innovative initiatives like the Mississippi Practical Appraiser Training (MPAT) program during recent hearings.
The ASC made significant progress in monitoring TAF's practices, including sending 13 letters on various governance topics, leading to a December 2023 change in the Board of Trustees' governance structure to include more diverse advocates and the Foundation's first ASC grant since 2020.
On June 22, 2023, the Foundation’s Appraiser Qualifications Board updated the Real Property Appraiser Qualification Criteria to require fair housing education for appraisers, effective January 1, 2026.
On November 20, 2024, the ASC Board approved a revised TAF Monitoring and Reviewing Policy allowing ASC staff to attend closed sessions of TAF’s Boards, marking a shift after four years of exclusion from monitoring appraisal standards discussions.
In November 2023, the ASC Board approved a 5-year Strategic Plan focused on modernizing processes, supporting state compliance with Title XI, and enhancing staff competencies, alongside an expanded headcount with skilled hires.
Read the blog post here.