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For the term "racial bias".
LoanDepot Appraisal Discrimination Settlement 33

LoanDepot Appraisal Discrimination Settlement

Connolly and Mott v. Lanham, 20/20 Valuations, and loanDepot.com, U.S. District Court, Maryland. This is one of the appraisal discrimination cases that has received significant attention – among appraisers, the media and government agencies. A Black couple in Baltimore – Dr. Connolly and Dr. Mott, both university professors – filed suit in August 2022 alleging racial discrimination against loanDepot.com and the appraiser it engaged to appraise their home for a refinance. They alleged that the appraiser had taken into account their race in his valuation of their home in violation of the federal Fair Housing Act and other laws prohibiting...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

False Claims of Racism Against Appraiser 41

False Claims of Racism Against Appraiser

…my career, business, and health at risk due to false claims made by a homeowner.  As a professional real estate appraiser with many years of experience, I have seen my fair share of disputes between homeowners and appraisers. However, the situation I am about to share with you is one that has left me shocked and appalled. It is a story of false claims, intentional infliction of emotional distress, and the damaging effects of a homeowner’s actions on an appraiser’s career, business, and health. It all started when I appraised a veteran’s home for a potential refinance. From the very...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / The US Department of Veterans Affairs

Biden's Remark on Home Values Sparks Backlash 41

Biden’s Remark on Home Values Sparks Backlash

President Biden’s recent comment about the discrepancy in home values between Black and white families has sparked backlash on social media, with many accusing him of being a “divider”. During a campaign speech at Charleston Church in South Carolina, Biden stated that homes owned by Black families are often valued at less than those owned by white families, even if they are built by the same builder. “Today, a home owned by a Black family on one side of a highway, built by the same builder on the other side of the highway & a white guy living in it,...

Appraisal / Appraisal News / Appraisers News / Political Action / Trending

Appraisers Destroying Goliath's Messaging 35

Appraisers Destroying Goliath’s Messaging

Goliath’s strength is in his messaging. It is appraisers who are destroying the message.  The seeming destruction of the appraisal profession by the federal government, GSEs and lending stakeholders is a collective action problem. Appraisers are responding to new GSE and lending dictates with reactions based on our own personal well-being. Not enough people speak up or stand up to change the trajectory of the narrative. Or so it seems. Appraisal waivers, hybrid appraisals, automated valuation models, all based on the last 13 years of data collection by an entity I will call Goliath has created a paradoxical inversion of...

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

New Jersey Draconian Penalties on Appraisers 40

New Jersey Draconian Penalties on Appraisers

“Well, I guess no one will be doing appraisals in New Jersey… or maybe the standard fee is going to be $10,000?” said one appraiser. The bill proposed by New Jersey Senate lawmakers to create steep penalties for real estate appraisers who undervalue homes because of the owner or buyer’s protected characteristics has been met with both praise and criticism. Supporters of the bill are lauding its potential to combat discrimination in housing transactions, while critics worry that it could lead to unintended consequences due to its disregard for appraisers’ motives. Violators would pay $10,000 on a first offense, $25,000...

Appraisal / Appraisal News / Appraisers News / Trending

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....

AGA / AI / AMC / American Society of Appraisers / Appraisal / Appraisal Institute

Woke 'Bounty' Bill Will Chill Speech of New York Appraisers 8

Woke ‘Bounty’ Bill Will Chill Speech of New York Appraisers

A bill being crafted by the New York state Senate’s Finance Committee would, in effect, place a $2,000 bounty on the head of any heretical real estate appraiser in the Empire State who dares conclude a value that fails to satisfy a seller, serial refinancer or commissioned broker in a deal. Vulnerable buyers, who could be paying off inflated loans based on coerced values, would simply have to live with it. If enacted, the bill would authorize fines to be levied on appraisers for a new category of thoughtcrime – something called “appraisal discrimination.” Half the proceeds from the fines...

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

We the People 26

We the People…

We the people need to redirect the mortgage lending direction… The time for every appraiser and consumer to step up is now. This country was founded on the principle of “We the people”. Please sign this petition and share it everywhere.  Appraisers have been the target for blame for everything gone wrong in the mortgage lending world. We were blamed for the Savings and Loan collapse, the financial crisis of 2008, and appraisal bias and racial discrimination. Appraisers have even been the target on loans gone bad after several years on payments. Yep, we have been the target and have...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

HUD Hands $54 Million to Nonprofits in Quest to Cow Appraisers 17

HUD’s Private Inquisitors Will Chill Protected Speech of Appraisers

HUD awarded $54 million to 182 nonprofits to serve as posses in a a Spanish Inquisition-style drive. The deep pockets of the federal government will be used to help the nonprofits chill the protected First Amendment rights of appraisers to develop disinterested opinions of value of the properties they appraise.  In the early 1990s, the Texas Legislature established an unusual nonprofit known as the Boll Weevil Eradication Foundation. The times were dire. A near-biblical plague of weevils had descended on the state’s cotton crop. So, state lawmakers granted the private organization the powers of government to combat the malevolent creatures....

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development

Marin City Discrimination Case Settled 30

Marin City Discrimination Case Settled

It’s unfortunate that this case was SETTLED in the way it was, because in reality, nothing about racial discrimination and disparate treatment was actually proven at a full trial…  The first case that’s been adjudicated claiming appraiser discrimination has been SETTLED by the defendant appraiser and the plaintiffs, with the judge “dismissing all claims with prejudice”, meaning it cannot be re-opened by the plaintiffs, but it can be appealed to a higher court by the defendant. From what I know, this case never went to a full trial. Motions were only presented to the presiding judge, who made this ruling....

Appraisal / Appraisal News / Appraisers News / Trending

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