Category: The Appraisal Foundation

Recap of the 4th Appraisal Bias Hearing 9

Recap of the 4th ASC Appraisal Bias Hearing

On February 13th, 2024, the fourth ASC appraisal bias hearing took place. For those who were unable to attend, the video of the hearing has been included below. The hearing was a crucial event for the appraisal industry, and it is important for all appraisers to be aware of the discussions and topics addressed. The panel of witnesses included: David Bunton, President, The Appraisal Foundation E.C. Neelly IV, Executive Director, Mississippi Real Estate Appraisal Board Maureen Sweeney, Principal, Maureen Sweeney, Real Estate Appraiser Ltd. Melissa Tran, Director, Texas Appraiser Licensing and Certification Board Jillian White, Chief Executive Officer, Appraisal Insights...

Racial Bias Complaint Filed Against Me 47

Seller Filed a Racial Bias Complaint Against Me

So what’s caused the sudden loss of income? Could it be because of the racial bias complaint filed against me by an unhappy Seller…  Fannie Mae accomplished what they set out to do in July 2011, when they initiated their Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal. The goal was to collect enough property data to effectively remove appraisers from the home buying and refinancing process. It all started with Dodd-Frank Act, a several hundred pages Act signed into law by then President Obama, sold to unsuspecting Americans as a protection from the corrupt business practices of...

The New & Improved Fannie Mae FRAUDULATOR 2.0 42

The New & Improved Fannie Mae “FRAUDULATOR 2.0”

Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie Mae is increasingly being referred to by some, if not many American Appraisers as The Fraudulator / Underwriter 2.0 (FU-2). To be clear it is not limited to the Collateral Underwriter (CU & CU-2) software. The new Fraudulator (FU-2) combines the CU products with their numerous improper uses. The end result of which includes OUTRIGHT FRAUD being perpetrated against banks via the repurchase letters Fannie Mae now issues on a quota based system rather than because of legitimate appraisal defects....

The Scam of Racial Discrimination by Appraisers 35

The Scam of Racial Discrimination by Appraisers

More and more appraisers are retiring every day. Aside from that more and more are changing to lower liability careers. Eventually, the opportunists who have been promoting the scam of racial discrimination by appraisers such as career politicians, and ‘anti-discrimination’ software hucksters like Black Knight will be shown to be what they truly are.  Recently, a highly respected appraiser who is also a senior designated member of a well-known national professional peer association, wrote an article about a new proposed law in New York ostensibly targeting New York appraisers. Mr. Bagott’s article had an unusual amount of hyperbole within it...

How U.S. Home Valuations Are Being Subverted 21

How U.S. Home Valuations Are Being Subverted

At the crossroads of it all is a campaign to weaken or eliminate valuations… The nonprofit is now exploring ways it can set standards for automated valuations… Expect greater distortions from Freddie and Fannie’s plodding and committee-driven foray into automated valuations.  Sometimes when the hair on the back of your neck stands up, there’s a reason for it. The nation’s $11 trillion mortgage market has been nationalized. This coup occurred in broad daylight and gradually. With Freddie and Fannie now in their second decade in federal conservatorship, the prospect that they will ever again be subjected to the watchful eye...

Look in the Mirror 15

Look in the Mirror

The phrase “take a look in the mirror” is a common idiom used to encourage self-reflection and introspection. It is a powerful statement that can evoke a range of emotions and reactions from individuals, from contemplation to defensiveness. At its core, the phrase is a call to examine oneself honestly and objectively. It asks us to step back from our assumptions, biases, and preconceptions and consider our behavior, choices, and beliefs in a critical light. When we take a look in the mirror, we are forced to confront our flaws and shortcomings, but also to recognize our strengths and achievements....

Confusing Language for USPAP Ethics Rule Addition 31

Confusing Language for USPAP Ethics Rule Addition

A proposed update of professional guidelines for property appraisals contains confusing language about what constitutes discrimination, and would even suggest appraisers could engage in “ethical” discrimination.  Folks, the following article is in the ABA Banking Journal e-newsletter, posted on Wednesday, February 15, 2023. I’m really glad this has been released. Hopefully the Appraisal Standards Board will closely examine the concerns of the regulators. I read the USPAP 4th Exposure Draft. It contains so much new Ethics Rule “legaleze” language about conduct that it is, and can be, overwhelmingly confusing to a majority of appraisers. It’s written by lawyers in such...

Two Cheers for an 'Evolved' Beltway Entrepreneur... David Bunton 27

Two Cheers for an ‘Evolved’ Beltway Entrepreneur… David Bunton

We come not to bury David Bunton, the public figure, but to praise David Bunton, the evolved Beltway organism. Who is David Bunton? Bunton has made a small fortune and canvassed the world at the helm of a 16-employee Washington, D.C., nonprofit that publishes a copyrighted code of conduct. The code gives his tiny fiefdom a big say in how collateral in the nation’s $11 trillion mortgage market is valued. He is a figure with outsized power in an immense market. His day-to-day funding source? For 30 years, his nonprofit, known as the Appraisal Foundation, has sold copies of its...

Appraiser Countersuing Black Homeowners for Defamation 164

Appraiser Countersuing Black Homeowners for Defamation

The Maryland appraiser has filed a countersuit against the homeowners, claiming defamation.  Appraisers, there have been several lawsuits filed against appraisers by borrowers who “don’t like your value, so I’m accusing you of discrimination” over the last year or so. These lawsuits all have the same theme, and it’s entirely possible that these actions are being coordinated by a consortium of ‘organizers’ and law firms. The plaintiff representing firm for the Baltimore suit is the same law firm The Appraisal Foundation hired to write new USPAP language for the Ethics Rule, which potentially will be approved in just a few...

Bias & Discrimination in Reports 11

Bias and Discrimination in Reports, Yes or No?

Appraisers, should we include discussion of B&D in our reports? Wait, What?? Bondage and Discipline? No, not that. Bias and Discrimination. Yes, it must be addressed very clearly. Now, before you blow a cork or throw your mouse at the computer screen, let’s examine what’s really been impacting ‘us’ for the past 4 plus years. One of our peers, who’s become somewhat famous for the way articles are written about appraisal and other topics, had a recent article ‘rebroadcasted’ in AppraisersBlogs, FTX Bought Government’s Silence; Did Fintechs Buy Attacks on Appraisers? A statement in that article exposes some of what has...

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