fbpx

FHFA System Will Oversee Fair Lending Laws

The “Fair Lending Oversight Data System” is now active but also open for public comments. Among other things, it will track appraiser names and license numbers.

WASHINGTON – On May 20, the Federal Housing Finance Agency (FHFA) issued notice that it created a new “Fair Lending Oversight Data System” that will store, maintain and analyze information for fair lending oversight.

That oversight impacts mortgages backed by Fannie Mae and Freddie Mac, or over half of all conventional U.S. loans.

As part of the new system, it will include appraiser names and license numbers in connection with mortgage lending activities, according to the American Society of Appraisers (ASA). FHFA says the collected information will be shared among other federal agencies and appropriate third parties contracted by FHFA to conduct fair housing research, investigation, supervision and enforcement.

The new system went into effect on May 20, 2022, but FHFA will accept comments on the system and its effects through June 21, 2022. More information about the new program – and information for anyone who wishes to submit a comment – can be found in an FHFA notice published in the Federal Register.

© 2022 Florida Realtors®

https://www.floridarealtors.org/news-media/news-articles/2022/06/fhfa-system-will-oversee-fair-lending-laws