Tagged: ACI

Disparate Treatment and Impact 10

Disparate Treatment and Impact in USPAP

USPAP has introduced the terms DISPARATE TREATMENT AND IMPACT in its 5th exposure draft. Disparate treatment and impact are bad for appraisers because they can damage the reputation of the profession, lead to legal and regulatory action, and negatively impact the success and viability of individual appraisers and their businesses. Disparate treatment occurs when an appraiser treats individuals or groups differently based on their race, ethnicity, gender, religion, or other protected characteristics. This type of discrimination is illegal and can result in legal and regulatory action, as well as damage to the appraiser’s reputation and business. Disparate impact occurs when...

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

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FNMA Property Data Collectors Program Violates WV Law

The Fannie Mae Property Data Collectors program seems to have run afoul of West Virginia law. This program allows for the collection of data related to real estate appraisals by unlicensed third-party data collectors, which is in direct violation of article 38 of the state’s Real Estate Appraiser Licensing and Certification Act. The act specifically states that only a casual or drive-by inspection can be performed when it comes to consumer loans secured by real estate, and no opinion can be rendered as to its value nor any fee charged for such an inspection. ARTICLE 38. THE REAL ESTATE APPRAISER...

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

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

Dear Representative, FNMA Has Gone Rogue! 87

Dear Representative, FNMA Has Gone Rogue!

Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. Fannie Mae’s decision to waive/eliminate property appraisal for lending purposes is nothing more than wanton recklessness that could have serious repercussions in the future. The truth of the matter is that appraisals are an essential part of any mortgage transaction and should not be taken lightly or eliminated without due consideration. Without them, there can be no assurance as to whether a homebuyer will get what they pay for or if lenders will make bad investments with their money. In short, waiving/eliminating property appraisal requirements puts everyone at risk...

Appraisal / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / Fannie Mae - Freddie Mac / Political Action

Slew of Negative Reviews for Appraiser Miller 45

Slew of Negative Reviews for Appraiser Miller

Her Google & Yelp business pages have received a slew of negative reviews from people living as far away as New Zealand! As real estate appraisers, we understand the importance of accuracy and fairness in our work. We are expected to perform valuation services competently and in a manner that is independent, impartial and objective. We also know how important it is to uphold ethical standards in order to protect ourselves and our clients from potential legal action. The recent case of Austin v Miller serves as a reminder that even when we do our best, things can still go...

Appraisal / Appraisal News / Appraisers News / Trending

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

Freddie's Study, NPR Story Recall Notable Academic Hoax 10

Freddie’s Study, NPR Story Recall Notable Academic Hoax

NPR topped the online edition of its article with the headline, “Black and Latino Homeowners are About Twice as Likely as Whites To Get Low Appraisals.” The problem? Freddie never called the appraisals “low.” While the Freddie Mac study finds no evidence of undervaluation, the NPR story about the study somehow does. Almost 30 years ago, Alan Sokal, now a professor of mathematics at University College London, perpetrated a memorable hoax. He submitted a pseudoscientific article to a cultural studies journal called Social Text. By design, his paper was strewn with nonsense. Titled “Transgressing the Boundaries: Towards a Transformative Hermeneutics...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency / FHFA

Look in the Mirror 15

Look in the Mirror

The phrase “take a look in the mirror” is a common idiom used to encourage self-reflection and introspection. It is a powerful statement that can evoke a range of emotions and reactions from individuals, from contemplation to defensiveness. At its core, the phrase is a call to examine oneself honestly and objectively. It asks us to step back from our assumptions, biases, and preconceptions and consider our behavior, choices, and beliefs in a critical light. When we take a look in the mirror, we are forced to confront our flaws and shortcomings, but also to recognize our strengths and achievements....

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Under-Valuations Unrelated to Racial Bias 11

Under-Valuations Unrelated to Racial Bias

Under-valuations that more accurately reflect the homes’ “true” value as opposed to the contract price will also alert the buyer, not just the lender, that he or she may be over-paying, which often triggers a renegotiation… when the seller and buyer settle on a new price after the appraisal, the new lower price reduces credit risk, costs to the borrower, and ultimately results in greater wealth for the buyer. The AEI Housing Center recently released an analysis revealing that reports by the Federal Housing Finance Agency (FHFA) and by Brookings, attributing the greater prevalence of under-valuations in home purchase appraisals...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency / FHFA

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