“[The hearing] emphasized the need to continue this dialogue,” Park added. “The testimonies we heard will help shape our ongoing agency-wide efforts to understand and address bias in the industry.”
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Federal Housing Finance Agency (FHFA) director Sandra Thompson stressed in her opening remarks that fair appraisals begin in the regulatory structure.
“Working together, I am confident in our ability to address appraisal bias and create an even stronger, more equitable housing finance system for all Americans. Fair appraisals start with a fair appraisal regulatory structure,” Thompson said.
Some of the industry leaders that provided testimonies at the hearing were Jonathan Miller (president and CEO of Miller Samuel Inc.), Michelle Czekalski Bradley (chair of the Appraisal Standards Board), Brad Swinney (chief appraiser of Farm Credit Bank of Texas and chair of the Appraiser Qualifications Board), Angela Jemmott (chief of California Bureau of Real Estate Appraisers).