Building a More Equitable Appraisal System

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ASC 2021 Roundtable: Building a More Equitable Appraisal SystemASC 2021 Roundtable: Building a More Equitable Appraisal System

The Appraisal Subcommittee is hosting the second in a series of roundtables to explore issues of bias and inequities facing the appraisal industry and how to chart a path forward.

On November 9, 2021, the Appraisal Subcommittee (ASC) will convene its second ASC 2021 Roundtable: Building a More Equitable Appraisal System, to build upon the success of the first roundtable and address historical and contemporary factors that have contributed to the inequities challenging the appraisal system today. Please join us for the second event of this groundbreaking series, which will bring together leaders in government, finance, real estate, non-profits, and communities impacted by the appraisal system.

Featured speakers include Congresswoman Maxine Waters, Chairwoman of the House Financial Services Committee; Melody Taylor, Executive Director, Task Force on Property Appraisal and Valuation Equity; Danny Wiley, Senior Director of Single-Family Valuation, Freddie Mac; Vivian Li, Internal Audit Director, Freddie Mac, and more.

The second ASC 2021 Roundtable will take place on November 9 from 1:30 p.m. to 4:00 p.m. ET (10:30 a.m. to 1:00 p.m. PT) and will include featured speakers, audience question and answer sessions, theme-based concurrent breakouts, and closing comments outlining next steps.

Speakers

  • Erika Poething – Special Assistant to the President for Housing and Urban Policy
  • Vivian Li – Internal Audit Director, Freddie Mac
  • Danny Wiley – Senior Director of Single-Family Valuation, Freddie Mac
  • Melody Taylor – Executive Director, Task Force on Property Appraisal and Valuation Equity
  • Congresswoman Maxine Waters – Chairwoman of the House Financial Services Committee

For more information or to register click here

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6 Responses

  1. Retire Appraiser Retire Appraiser says:

    The funniest article that I’ve read in a month. If you are gullible enough to believe they care about your opinion on the state of the appraisal “profession” at this late stage I have a bridge to sell you in Rhyolite, CA. Why are they even allowed to spread this type of MISINFORMATION?

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  2. Avatar Ron Styles says:

    Total BS! Wokeism at its best! Anything Congresswoman Maxine Waters is involved with is usually BS. If you hear the word “equity” in the conversation it means racism and discrimination against those who oppose wokeism, the opposite of what the left wants you to believe. There is NO systematic racism in appraising, period! In my opinion there is also no systematic racism in our country. Only wokeism trying to destroy our country and the values it stands for.

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  3. Avatar Eric Kennedy says:

    Tell Maxine to call Zillow and let us get on with our lives in peace. That’s all I’ve got to say about that. Du-Huh

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  4. Baggins Baggins says:

    Housing ‘values’ basically are just reflections of the recent ‘sales prices’ within small subsets of any given market location. Value and price are not the same thing, but value oftentimes does follow the price. Value does not forecast the future, nor can value opinions be manipulated to change any given market settings various benchmarks and other existing worth indicators.

    The local economic and area amenity factors are what drive the market participants ability to participate in the housing market. Sold pricing reflects those local market participants desire of the area and their willingness and ability, or lack there of, to compete for housing, to improve housing, and other factors which ultimately set pricing and then indicate to the appraisers what value should be. Appraisers read the market, we do not set the market.

    These think tanks are not properly focused because if the bureaucrats want to effect change, they’ll need to look at activities like urban renewal projects, employment, credit access, lending availability, and just everywhere except the valuation industry. The valuation industry professionals merely measure value in markets, provide opinions of value for either individual or aggregate, in strictly unbiased fashion. There is nothing appraisers can do to effect change.

    Any effort to force appraisers to provide falsified, manipulated, color coded, or otherwise imbalanced value data will have a net sum zero nill effect in the end, because if the other larger economic factors which caused and led to the existing states of markets are not addressed, any manipulation of valuation principals will merely be eventually over written by existing market forces and the market participants existing behavior.

    Furthermore, just because they may successfully measure value disparity does not mean there is bias. Of course when reviewing across the spectrum of different segments of society, there will be variety differences in both income, willingness to spend, housing upkeep factors, amenity, pricing desires of local persons, every other influential factor imaginable. Efforts to effect appraisers measurement methods are misguided, a waste of everyone’s time.

    It may be helpful for the FNMA selling guide & HUD handbook, and even the appraisers USPAP ethics book to be less verbose and slightly more simplified, they all change so frequently. Every single meddling action all the way to forms design changes from FNMA, hybridization efforts, third party inspectors, merely make the appraisers job more difficult, which does not help consumers. If the industry wants appraisers to do a better job, get the third party people out of our business, stop changing everything, and let us focus on our jobs. We spend the majority of our time managing others, managing managers, brushing off third party companies or suffering because of them, then fielding complaints. It’s ridiculous.

    Real solutions revolve around proven success stories, such as urban renewal projects. In Colorado the lower Commerce City area provides meaningful examples of real world effective efforts which have resulted in great success and have definitely improved neighborhood character, safety, opportunity, and housing value benchmarks. I posted this before but worth posting again. Stories of successful urban renewal projects nationwide are prolific and widespread. Post links like this from your areas if you know about them. Thank you.

    https://www.c3gov.com/government/urban-renewal

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Building a More Equitable Appraisal System

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