Tyna-Minet Anderson

NAR is the largest lobbyist group in the world. In every mortgage continuing education class I have attended, mortgage professionals have questioned why agents receive more favorable treatment or exclusions from rules. Perhaps because of this feeling of unfairness, many of those mortgage professionals silently cheered when they initially heard about the ruling, not realizing this may negatively affect them as much as the agents.

For the last year, government entities including the Consumer Financial Protection Bureau (CFPB), U.S. Department of Housing and Urban Development (HUD), and the White House have talked about inaccurate appraisals. On June 1, 2021 President Biden announced the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE). On Oct. 6, 2022, CFPB published an announcement to let borrowers know they can challenge inaccurate appraisals through a reconsideration of value process.

Interest rate hikes take time to work through the economy. Since the Fed started raising the rate last year, we have seen a massive decrease in mortgage business and major banks fall. We don’t know yet what other parts of the economy could fall under the strain of the higher rates, but it’s likely to come with some additional regulation. The IRS received $80 billion in funding, a majority of which is set to go towards auditing companies.