CFA Joins Advocacy Groups in Fighting Appraisal Bias by Recommending Improved Guidance for Consumers’ Rights to Request a “Reconsideration of Value”

The Consumer Federation of America is joining a broad coalition of housing advocates, including the National Consumer Law Center and the National Fair Housing Alliance, by signing onto a comment letter that offers recommendations on how to improve “Reconsideration of Value” requests that consumers can raise with their financial institutions. In these requests, consumers who believe that they have been unfairly treated during the appraisal or received a biased home appraisal, can contest this appraisal or request a second appraisal through their financial institution.

The comment letter offers recommendations on how to improve guidance for financial institutions, including their shared responsibility in monitoring potential Fair Housing violations. The letter also offers insights on ways to best educate consumers, to make sure they pay attention to potential evidence of bias or unfair treatment, are aware of their rights to request a Reconsideration of Value, and have an accessible way to submit such a request through their financial institution.