Ballard Spahr, March 27, 2024, CFPB Addresses ASC Appraisal Bias Hearings and Structure of The Appraisal Foundation
Director Chopra advises that the Foundation is funded through fees that appraisers across the country must pay. In particular, appraisers must pay to receive the Uniform Standards of Professional Appraisal Practice (USPAP) published by the Foundation. Witnesses at the hearings testified that the cost to become and remain an appraiser leads to the exclusion of many who are interested in becoming appraisers, worsening the lack of diversity within the industry. (We previously addressed an appraisal bias report issued by the National Community Reinvestment Coalition that provides, citing the Bureau of Labor Statistics, that 97.7% of appraisers are White and 69.6% are men.)
