Biden Claims on Racial Bias in Appraisals

  • 30
  • 18
  • 6
  •  
  •  
  •  
  •  
  •   
  •  
    54
    Shares
VaCAP Board
Latest posts by VaCAP Board (see all)

Biden Claim of Racial Bias in Appraisals Faces Criticism from AppraisersOver the past week or so, Presidential Candidate Joe Biden publicly called for more regulation and oversight over appraisers to combat racial bias. He specifically cited the Brookings Institute Study ”The Devaluation of Assets in Black Neighborhoods, The Case of Residential Property”. If you are unfamiliar with this study, in a nutshell, the findings accuse appraisers of undervaluing properties in black neighborhoods. The study is an easy read and can be found here. We will warn you, much of the data used in the study carries very little weight as Census Bureau (self-reported data) and information from Zillow were used.

We all know licensed professional appraisers cannot be biased and that no appraiser “values” a property. We are bound by strict regulation under State Law, USPAP, Dodd Frank and Appraisal Independence requirements outlined in the Truth in Lending. Appraisers report the market; we do not create the market. A clear lack of knowledge on what appraisers actually do by those involved with the Brookings Institute Study is evident! It is this type of misinformation why the appraisal profession is in its current state.

Two professional appraisal organizations have responded to Candidate Biden and his campaign via letters outlining our already over regulated profession. Jefferson Sherman, the 2020 Appraisal Institute President and Craig Morley, President of the National Association of Appraisers have both written to Candidate Biden and his staff. Please share these letters and/or write you own and post on social media, send it to your database, etc.

VaCAP has always advocated to teach others what appraisers do and our importance. Lending work has been free flowing lately and most of us are extremely busy with the recent rate drop. Please take the time to talk to others on why the professional appraiser is needed and how we are the gatekeepers of the financial and real estate markets. If we appraisers do not speak up and correct the misinformation, who will? Remember the last fix to a problem that did not exist resulted in appraisal management companies and loss of our clients and income.

Do we really need another fix to a problem that does not exist?
 

Image credit flickr - Gage Skidmore
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

You may also like...

28 Responses

  1. Avatar Jack Of All Trades says:

    Joe Biden confuses his wife for his sister in victory speech after solid Super Tuesday performance ….. he’s senile has some sort of dementia.

    14
  2. Donna Corrado on Facebook Donna Corrado on Facebook says:

    His thought process is all over the place. Nothing he yells out means much.

    8
  3. Daniel M. Vaughn IV on Facebook Daniel M. Vaughn IV on Facebook says:

    Just a ploy for votes…

    7
  4. Avatar Cotton says:

    More stupid lies and deception from the democrats and their black community! Sad and pathetic! This is what happens when you use race to divide our country! Have a blessed day!

    8
  5. Avatar steve says:

    Thankfully he has no chance of winning.

    8
  6. Avatar SB says:

    https://www.marketwatch.com/story/joe-biden-wants-tougher-standards-for-real-estate-appraisers-to-help-black-and-latinx-homeowners-2020-02-25

    Pure POLITICALLY MOTIVATED BS AHEAD OF SOUTH CAROLINA PRIMARY

    Collateral Underwriter TAKES NO PRISONERS inside credit challenged/minority neighborhoods and it’s STILL OUR FAULT.

    Appraisers have been punching bags for politicians for TOO LONG.

    7
  7. Avatar Dave says:

    Every time I appraise an African American or Hispanic property I always ask them what value they need to make loan work. I make sure I come in at that value every time so nobody can call me racist for black lining neighborhoods. No worth the chance of being call a racist if the value doesn’t come in at expectation. Lol

    5
  8. Avatar Ralph says:

    Mr Mcgoo doesn’t know what state he’s in, what day it is or who his wife is. He sure as poop has no clue about appraiser world!

    5
  9. Avatar Bill Johnson says:

    That’s funny, my MLS system doesn’t seem to have a color of skin column for me to sort and move one minority to the top or the bottom of the page while I’m looking for a market value.

    Also, considering I never like to speak to the borrower on a purchase assignment, just when exactly am I doing that phone interview where I ask them about the color of their skin.

    Most importantly Joe, in my state of California where the Hispanic and or Latino population is 15,540,142, the Black or African American population is 2,179,078, and the white population is 14,495,479, by protecting minorities, just who are you speaking about. Don’t forget about the Asians who number 5,741,886.

    Considering the white population in CA is outnumbered +/- 6 to 4, this is a crazy statement.

    Seek the truth.

    8
  10. Avatar SB says:

    You won’t EVER hear about all the folks that were able to delay their foreclosure auctions for over a DECADE, live for FREE, collect RENT then eventually sell the house for a gargantuan profit all at the expense of the US taxpayer.

    Not a politically correct topic of discussion.

    9
    • Avatar Cotton says:

      You are 100% correct. I completed a few appraisals where the borrower was trying to leave the premise and give the keys back to the bank. They were told not to leave. One occupant told me she had lived in the home over 3 years and had not paid a single utility payment the entire time. If I did the same my utilities would be shut off within weeks of no payment. It is a very sad world we live in where minorities are constantly told by the media and the government that they are victims yet I have never seen/witnessed a single act of racism in my entire life. Racism is like a unicorn or big foot. We all hear about it yet it must be magical and can only be seen by the media and politicians? When ever I see situations where these politicians or media try to imply we are racist I utilize that opportunity to allow my children to witness this as they need to be fully aware of what BS looks like and how to identify it! Stay blessed everyone!

      4
  11. Shawn Vanderhart on Facebook Shawn Vanderhart on Facebook says:

    Biden is a senile idiot

    5
  12. Avatar Johnny Q says:

    Congratulations are in order for Mr. Joe Biden for rallying from behind two days ahead if Super Thursday in his bid for the Senate. As far as value of properties in predominantly Black neighborhoods – of which I’ve done a good share- the values are the values. It is what it is. They are what they are. Appraiser’s don’t make them up.

    3
  13. Avatar Essexfenwick says:

    He’s a lying dog faced pony soldier.

    4
  14. Elizabeth Di Leo Cooper on Facebook Elizabeth Di Leo Cooper on Facebook says:

    Bryan Cooper Bob King

    0
    • Bob King on Facebook Bob King on Facebook says:

      It’s obvious he’s an senile idiot who is just pandering for votes … Everybody is a victim! Identity politics at its worst.

      3
  15. Avatar Dave says:

    This is an extremely serious topic we appraisers need to take serious. In today’s political correct society, being call a racist is worse than being anything else including a fraudulent appraiser. I have only appraised a handful of minority owned homes in my rural county I cover. The few I have done, I treat the same as any other property I’ve appraised. I could care less of what skin color the occupant of the property is. I’m sure 99 percent of appraiser are also like this. We appraiser’s need to be careful in this environment. Being called a racist will kill your reputation and business and something we need to be aware of.

    4
    • Baggins Baggins says:

      Fascists, constantly growing government for a purpose other than protecting individual liberties. Nobody wants to live in high crime neighborhoods if they have the option to live somewhere else. That’s why people leave and the prices tank as a result of societal replacements. As population demographics rapidly shift, how long do you think these narratives can really hold up?

      The reason these narratives are rehashed, is to distract from the failing monetary system. If we could just blame race, perhaps the money would stop being fiat, backed by nothing?

      Biden 2020 “I’m going to raise your taxes, substantially!”

      1
  16. Shawn Vanderhart on Facebook Shawn Vanderhart on Facebook says:

    Let’s all agree to not vote for Biden ! Trump 2020!

    2
  17. William Griffin on Facebook William Griffin on Facebook says:

    I am a black appraiser Been in the field 20 years I have a home in a black community and have appraised homes in mine and other black communitys Whatever comparables that are in the data system are what help determine value It is not even possible to do what is being suggested without breaking uspap rules

    7
  18. Avatar Jasmine says:

    Joe Biden is 100% correct. In fact Abena Horton, a Black attorney in an interracial relationship, had her house undervalued in a majority white neighborhood and yet when she removed pictures of herself and her son and replaced them with oil paintings, her home was valued at $40,000 higher only a few weeks later. During the appraisal, she was not home and her white husband met with the appraiser. People need to stop denying that there is a problem. I am glad that Joe Biden is addressing the issues rather than denying them and playing to people’s prejudices like Trump and many others are doing.

    0
    • Avatar Johnny Q says:

      So that’s the only possibility, racism? Was it the same appraiser who did the second appraisal? No, it wasn’t. What was the worth of the house? In high valued properties $40k is chump change. Could it have been just a difference in the opinion of the appraisers pictures or no pictures? Was there a new sale that had not been there before and influenced the second appraisal? Stop seeing racism lurking around every corner and jumping to conclusions without further considerations or proof. Yes, the Democrats are counting on such shallowness and the victimhood outlook of some people.

      2
      • Avatar Dave says:

        I agree with you John. Everything is getting so crazy anymore with claims of racism.

        I’m just waiting for the term master bedroom and master bath to be outlawed by all the craizies out there…..

        2
        • Avatar Carl says:

          Didn’t you hear that time, science, nature, hard work, rationality, languages, competition, family structure, evolution, religion, politeness, planning for future, in short everything is a sign of whiteness and therefore racist? And yes the act of appraising real estate is racist and should be abolished. We should take homeowner’s word when they tell us how much their properties are worth.

          Apparently dining out is also racist!

          2
    • Avatar IMJSAYN says:

      Jasmine, in case you missed it the first time and just skimmed over this article instead of reading it, Biden is proposing a national standard that is ALREADY IN PLACE!

      “To counteract this racial bias, Biden will establish a national standard for housing appraisals that ensures appraisers have adequate training and a full appreciation for neighborhoods and do not hold implicit biases because of a lack of community understanding. An objective national standard for appraisals will also make it harder for financial institutions to put pressure on appraisers to their benefit.”

      Licensed and Certified appraisers are already bound by the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by The Appraisal Foundation and there is no need for any additional national standards for appraisals or appraisers. We take exception to the statement that home values in any neighborhood are the result of racial bias among appraisers and the Conduct Section of the Ethics Rule of USPAP clearly states:

      An appraiser must perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests.

      An appraiser:

      must not perform an assignment with bias;
      must not use or rely on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value”

      2
  19. Serious question.

    When I last saw my two half brothers in Texas I asked their Mom if they were in fact “Arab-Jews” as family history suggested for decades. Her answer (and that of my brother Claude) was “Yes. Born in Casablanca; Technically Magrebes or something to that effect. It dates back centuries where Morocco readily welcomed Jews without persecution. Just for a fun twist, they all learned to speak fluent Spanish there (look up Malia) which was very nearby.

    In any event, they are both Arab & Jew. Now the thing I don’t know is whether or not they are also black? Does North African count? I forgot to ask. It was never part of the family discussion of their side of the family’s history and it just never seemed that important. We just love each other. Perhaps Jasmine can give me an answer?

    I’ll hold off on follow up religious questions concerning my Korean-American sister for now. Asking whether shes Catholic or Buddhist would just confuse the current issue even more. Again, I just never asked. It’s bad enough she’s a liberal. Like all our brothers.

    PS I think my natural father’s approach to ending racism worked. A little unconventional perhaps.

    2

Leave a Reply

We welcome critical posts & opposing points of view. We value robust & civil discourse. You may openly disagree, but state your case in an atmosphere of mutual respect, in which everyone has a right to a particular view about the topic of conversation. Please keep remarks about the topic at hand, & PLEASE avoid personal attacks. If the poster gets you upset, it is the Internet, you can walk away from it.

Personal attacks harm the collegial atmosphere we encourage on AppraisersBlogs.

Your email address will not be published. Required fields are marked *

xml sitemap

Biden Claims on Racial Bias in Appraisals

by VaCAP Board time to read: 1 min
blank
blank