The Biden administration has intensified regulatory focus on housing and appraisals, as illustrated by two significant FHA mortgagee letters issued by HUD. The 2021 letter aimed to bolster compliance with fair housing laws while the 2024 letter established a framework allowing borrowers to request reconsideration of an appraisal value. While the Trump administration rolled back these measures, current enforcement actions, including a DOJ case regarding a discriminatory appraisal, underscore the ongoing legal risks and the importance of understanding the evolving regulatory environment surrounding housing practices.
Under Biden, HUD's mortgagee letters reflect a significant regulatory focus on fair housing and appraisals, indicating ongoing enforcement actions that highlight legal risks in these areas.
The latest HUD letters have aimed to strengthen compliance with fair housing laws and provide borrowers with a process to address appraisal value re-evaluations, emphasizing increased consumer protections.
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