107 Search results

For the term "racial bias".

April 26, 2022

Refuting the Negative Race Bated Accusations

We will sink under the weight of all the so-far unproved accusations. Appraisers, Tobias J. Peter, Assistant Director, AEI Housing Center Research Fellow, American Enterprise Institute (AEI), has weighed in on all the negative press and faulty ‘studies’ (by both GSE’s and others) that have been promulgated about how appraisers, as a whole, have systemic racism built-in when doing property inspections and appraisal reports. Faulty Evidence and Misdiagnosed Solutions Why centralizing appraisal standards and criteria under a new federal agency as proposed under the Fair Appraisal and Inequity Reform Act is not justified His well-written report, as testimony in a...

Appraisal / Appraisal News / Appraisers News

April 1, 2022

PAVE May Pave Over Appraisers

The blame game against appraisers is continuing the fast and furious start, evidenced by the PAVE report. A synopsis is in the link: PAVE task force delivers plan on appraisal bias – Lexology Key info from the PAVE report. “Relevant agencies have also committed to addressing potential bias in the use of technology-based valuation tools through a rulemaking related to automated valuation models (AVMs), including the addition of a nondiscrimination quality control standard in the proposed rule.” And, “In the coming months, the Task Force will assess: (i) the “expanded use of alternatives to traditional appraisals as a means of reducing...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Political Action

March 11, 2022

Anti-Appraiser Agenda

Money may have been used to buy influence and promote the current anti-appraiser narrative being embraced by key public servants in the executive and legislative branches. TOOL MAY HELP APPRAISERS CONNECT DOTS TO UNRELENTING CHARACTER ATTACKS It’s reminiscent of a practice pioneered by Texas savings-and-loan kingpin Tom Gaubert in the 1980s. The idea was to have employees at his crumbling institution and those of his friends funnel a large number of small-dollar political donations to his buddy, Democratic House Speaker Jim Wright. The speaker, one of the most corrupt to hold the position (and that’s really saying something), spread the...

Appraisal / Appraisal News / Appraisers News / Trending

Maxine Waters wants appraisers investigated

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February 23, 2022

Maxine Waters Wants Appraisers Investigated

On February 22, 2022, Maxine Waters sent a letter to HUD Secretary Marcia Fudge, TAF, ASC and AI regarding ongoing appraisal bias and discrimination. She is calling on the federal regulators and AI to investigate appraisers’ misconduct and potential illegal discrimination. She will also be introducing legislation to address ongoing discrimination. Maxine Waters’ letter “highlights longstanding racial inequities plaguing America’s home valuation system”. The letter highlights longstanding racial inequities plaguing America’s home valuation system, particularly in Black-majority communities and other communities of color. To illuminate the severity of this issue, Chairwoman Waters references an email recently sent by an appraiser...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Political Action / Trending

January 25, 2022

ASC Blaming Appraisers

The Appraisal Subcommittee, because they were directed to do so, has produced a report, which frankly and explicitly lays the blame for low market values of homes in ‘communities of color’ directly at the feet of independent appraisers involved with mortgage lending. You will start seeing accusatory slanted media reports about this report. ABC news already has distributed it. A TV station in San Francisco has aired a story already. Yes, the report casually mentions actual facts that GOVERNMENT policies and procedures promulgated segregated and extraordinarily unfair housing issues in the US, from the 1930’s into the early 1960’s. The...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

December 2, 2021

HUD Dismisses Claims Alleging Racism

…white America (government) keeps trying to ‘fix’ Black People who are not broken in the first place! We’ve all heard of redlining. No one doubts it existed and MAY still exist, among private lenders. It’s hard to accept major national banking corps would risk it but it IS possible. Having said that, there is ZERO percentage or benefit for any appraiser to engage in it. None. Another appraiser in Los Angeles, who is a great researcher, posted addresses of the properties involved in half a dozen complaints alleging racism by appraisers and so-called ‘white washing’ of the houses producing subsequent...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Federal Housing Administration

June 15, 2021

The Other Side, Racism in Appraisals

…the other side of things, the appraiser profession side since no other news media and organizations are willing to do so… Note: The following blog article is not to defend anyone or to place blame. It is simply a blog looking at this issue from the other side of things, the side that hasn’t been discussed in the media. A couple weeks ago, I was privileged to speak on The National Real Estate Post about appraisal issues. One of the issues we discussed briefly was the ever-growing number of articles being written about allegations of racial discrimination in the appraisal...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models / AVM

April 29, 2021

REDFIN How Dare You!

The following Redfin article is exceptionally offensive to everyone in the real estate business and related sectors, who actually know what they are talking about, to people that are not racists, and who are offended at being falsely called racists directly or by inference. Redfin Study: Homes in Black Neighborhoods Are Undervalued by an Average of $46,000 | Redfin Press Center REDFIN executives ought to know better than to permit their name to be associated with such levels of reckless dishonesty, deception, and misinformation. Hopefully, the marketplace will ‘reward’ them appropriately. Pay attention to the statements “after adjusting” for all...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models

April 12, 2021

Appraisal Waivers Explosion

For all the talk about how important appraisers are to risk management by the GSEs, we really aren’t. There is a compelling blog post using AEI data by Ryan Lundquist over at Sacramento Appraiser Blog. Appraisal waivers have really exploded in recent years – especially during the pandemic. But how many are there exactly? Let’s look at actual numbers to walk away with some perspective. These stats are from January 2021 from AEI. QUICK SUMMARY: 47.4% of all Freddie Mac loans had a waiver 44.5% of all Fannie Mae loans had a waiver Waivers are far more common during refinances...

Snippets

Passing State Laws Mandating Fair Housing Continuing Ed for Appraisers

March 1, 2021

Blaming, Punishing Appraisers in State Laws

Will the same states that do this for appraisers also mandate similar Fair Housing and Fair Lending courses for lenders, loan officers, mortgage bankers… Are you aware that US States are beginning to ‘require’ appraisers take required courses in how to treat people fairly, by requiring such a class for every license renewal period?? Here’s the law from New York state: 19 NYCRR § 1107.2. is amended as follows: Section 1107.2. Individual continuing education requirements (a) For State license and certification periods that commence on or after January 1, 2000, real estate appraisers and real estate appraiser assistants who hold...

Appraisal / Appraisal News / Appraisers News / Trending / Uniform Standards of Professional Appraisal Practice / USPAP