WASHINGTON--At a joint meeting with the U.S. Department of Housing and Urban Development (HUD) about housing appraisals Wednesday, America’s Credit Unions provided credit union input, ACU said, noting it was the only industry representative at the meeting.
The discussion followed up on the Executive Order “Promoting Access to Mortgage Credit” issued in March.
Together with other financial services, real estate, and housing associations, America’s Credit Unions previously joined in a letter to HUD outlining policy opportunities with the potential “to improve the availability and affordability of mortgage credit.”
Participants raised recommendations to align, where risk is comparable, the appraisal standards between the Federal Housing Administration and VA Home Loan Program, clarify distinctions between safety and habitability concerns that require repairs before closing versus cosmetic concerns in an appraisal inspection, and expand post-closing repair flexibility.
America’s Credit Unions noted that it is taking part in a meeting with the Federal Housing Finance Agency Thursday to address similar issues.