Biden Claims on Racial Bias in Appraisals

  • 142
  • 17
  • 6
  •  
  •  
  •  
  •  
  •   
  •  
    165
    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...

22 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.

    12
  2. Donna Corrado on Facebook Donna Corrado on Facebook says:

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

    6
  3. Daniel M. Vaughn IV on Facebook Daniel M. Vaughn IV on Facebook says:

    Just a ploy for votes…

    5
  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!

    5
  5. Avatar steve says:

    Thankfully he has no chance of winning.

    6
  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.

    6
  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

    4
  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!

    4
  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.

    6
  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.

    8
    • 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

    4
  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.

    3
  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.

      2
  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.

    2
    • 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

    6

Leave a Reply

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