Racial Bias in Appraisals Survey
Fannie Mae wants to hear from you about racial bias in appraisals. The survey closes on October 3, 2021.
News media reports alleging racial bias in home appraisals have turned a spotlight on the appraisal process in the mortgage industry. We at Fannie Mae take allegations of appraisal bias seriously, and as one of the largest consumers of residential appraisals in the United States, we want to make sure we are doing all we can to identify and help prevent it. Many of the conversations on this topic have excluded appraisers. To help us address appraisal bias from all perspectives, we need your input. Click here to answer this anonymous survey about racial bias in appraisals. You may share the link with others. The survey closes on October 3, 2021.
- What role do you play in the mortgage industry?
- Field appraiser
- Review appraiser
- Lender staff
- Appraisal Management Company (AMC) staff
- Do you accept assignments from AMCS or lenders?
- AMC’s only
- Lenders only
- None of the above
- How would you rate the appraisal industry when it comes to handling instances of actual or perceived racial bias?
- Very Good
- I do not think there is any racial bias in appraisals
- Please rate how often you have witnessed actual or perceived racial bias in appraisals for the following scenarios:
Never Rarely Sometimes Often Always In appraisals I reviewed In appraisals of my own home I have not, but people I work have
- Have you personally been accused of racial bias in an appraisal?
- Please rate your level of agreement of the following statements decreasing incidents of actual or perceived racial bias:
Strongly disagree Somewhat disagree Neither agree or disagree Somewhat agree Strongly agree Increasing diversity of appraisers Using objective (factual) language versus subjective (personal belief) language in appraisal reports Guidance from Fannie Mae on how to write appraisal reports Having more discrete data fields in the appraisal report versus freeform text commentaries
- How often do you examine language in your appraisal reports to reduce subjective language?
- I examine every appraisal report
- In reports only which I suspect are more likely to have subjective language
- Never, I do not examine my appraisal reports to reduce subjective language
- Don’t know/Not applicable
- What can appraisers do to decrease racial bias in appraisals and incidents that increase reputational risk for the profession?
- What can Fannie Mae do to decrease racial bias in appraisals?
Click here to answer this anonymous survey. You may share the link with others. The survey closes on October 3, 2021.