Appraisal Institute President Testifies at ASC Hearing on Appraisal Bias

Appearing at a Jan. 24 Appraisal Subcommittee hearing on appraisal bias, Appraisal Institute President Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, testified that “As the agencies continue development of guidelines and regulations that touch on appraisal topics, we offer the resources of AI, including our Designated Members, to assist with understanding of appraisal standards, appraisal methodology and appraisal practice."

Steinley emphasized the importance of a strong consumer appeals processes, encouraging all member agencies of the ASC to support protocols like the Department of Veterans Affairs’ Tidewater Initiative, which is used in VA transactions when the appraised value of a home falls below its contract purchase price.