Tagged: black

Lack of Evidence, Appraiser Challenges Discrimination Claims 10

Lack of Evidence, Appraiser Challenges Discrimination Claims

The next morning I went to my trusted AI program and asked if there was any evidence of bias. “Where is the evidence?”  The issue of perceived bias and discrimination in the appraisal industry has become a highly contentious and polarizing topic in recent years, sparking intense debate and controversy. At the heart of this complex issue lies a fundamental tension between the appraisal profession’s commitment to objectivity and impartiality, and the persistent allegations of systemic racism and unfair practices that have plagued the industry. As exemplified in the response from Maryland Certified General Appraiser William Turner to an article...

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

NFHA's False Narrative Undermines the Appraisal Industry 16

NFHA’s False Narrative Undermines the Appraisal Industry

A barrage of billboards, magazine ads, and TV/radio public service announcements is being used to amplify and spread this false narrative.  The latest attack on the appraisal industry is being spearheaded by the National Fair Housing Alliance (NFHA) and the Department of Housing and Urban Development (HUD), who are aggressively pushing a false narrative of widespread appraisal bias against Black and Latino homeowners. Through a relentless media campaign employing emotive messaging, vivid anecdotes, and dubious statistics, these entities are painting a picture of widespread, systemic bias among appraisers against Black and Latino homeowners. However, the reality is that not a...

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

How Synthetic Appraisals Fuel a Fraud-Filled Housing Bubble 24

How Deep Fakes Have Burrowed Into Home Finance

Fannie and Freddie have been toiling at the coalface of “synthetic appraisals” – “black box valuations.”  In the 1960s, technocrats at the Pentagon used the latest IBM mainframe computers to analyze complex data related to the Vietnam War. Planners fed punch cards into the machines and ran endless simulations, hoping to determine strategies for winning the war. In 1967, analysts finally asked the computer, “When will we win in Vietnam?” The machine’s answer: “You won in 1965.” It exposed the hubris and naiveté of those who believed computer-generated models could capture and quantify millions of complex human interactions on the...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

VaCAP Supports Shane Lanham's Legal Fight 28

VaCAP Supports Shane Lanham’s Legal Fight

The outcome of this case will undoubtedly have far-reaching implications for the future of the appraisal industry, making Shane Lanham’s fight one that concerns us all.  A fellow appraiser is in need of your assistance. Many of you may have heard of a Maryland Appraiser, Shane Lanham, the defendant in a lawsuit for a “low opinion of value based on the race of the homeowner.” Shane is counter suing the accuser for defamation as this has been a very publicized story. Let’s be clear, he is not just fighting for himself, he is fighting for each and every appraiser. As...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Trending / VaCAP

County Assessors' Standards - AVM Final Rule Guidance 16

County Assessors’ Standards | AVM Final Rule Guidance

County Assessors have the advantage of being able to calibrate their models specifically for one market, allowing for a more tailored and precise approach.  The OCC, FDIC, NCUA, CFPB, and FHFA (collectively, the Agencies) are adopting a final rule to implement AVM quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The quality control standards apply to mortgage originators and secondary market investors in determining the value of a dwelling that is the collateral for mortgage financing. Under the final rule, institutions involved in specific credit decisions or securitization activities are required to...

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

The Censorship Campaign - Housing Inflation Exposed 29

Objectionable Valuations Become Hate Speech, Inflating Home Prices

The censorship, scapegoating and sidelining of appraisers has done real damage to borrowers and the purchasers of bonds…  Attacks on free speech are on the rise in the English-speaking world. A bill introduced in Canada to thwart online “anarchy and lawlessness” would create a Canadian Ministry of Truth empowered to punish authors Ottawa politicians find problematic. In response to the worst rioting in Britain in years, about 4,000 people have reportedly been jailed for online thought crimes. U.K. Prime Minister Keir Starmer has vowed to prosecute anyone his government believes is whipping up people’s emotions on the Internet. There’s even...

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

Lack of Fee Transparency: Exposing the AMC Exploitation 71

Lack of Fee Transparency: Exposing the AMC Exploitation

By keeping the borrower in the dark about the true cost of the appraisal, the AMCs are able to charge exorbitant prices and pocket the difference (as shown in Figures 1 through 10), exploiting the consumer’s lack of knowledge.  Thank you for the opportunity to comment on the Consumer Financial Protection Bureau’s Request for Information on Fees Imposed in Residential Mortgage Transactions. The growth of Appraisal Management Companies (AMCs) in the wake of the 2008 financial crisis was driven by a well-intentioned but ultimately misguided belief that they could help “ensure the integrity and independence” of property valuations. The reasoning...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

Alleged Racial Discrimination Debunked: Security Bars Removal Required by Law 15

Security Bars Removal Law Debunks Alleged Racial Discrimination

Complainant stated appraiser told them they should remove security bars from windows. Complainant stated this is evidence of “racist discrimination”… Security bars on bedroom windows is against code…  This morning I received the results of a California State Information Act Request I made regarding an alleged case of racial bias in Allendale, Oakland, California which was settled May 2024. I requested any and all documents in the case involving the appraiser because I didn’t have the complainant’s name or property address. I only had the appraiser’s name which I won’t post in text. Complainant stated appraiser told them they should...

Appraisal / Appraisal News / Appraisers News

Fannie, Freddie's Offshore Gambit Imperils Privacy of Millions 37

Fannie, Freddie’s Offshore Gambit Imperils Privacy of Millions

The offshore firm will data-mine millions of images showing the personal spaces of U.S. homeowners and tenants.  Fearing the Chinese government could access sensitive user data through the video app TikTok, House lawmakers passed a bill last month that would ban the app if it isn’t sold to new owners. But a greater peril looms. Mortgage giants Fannie Mae and Freddie Mac are reportedly “bench-testing” an arrangement with a foreign AI firm in which the offshore firm will data-mine millions of images showing the personal spaces of U.S. homeowners and tenants. If your home was appraised for a refinance or...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Escaping the Black Hole: Appraisers Fleeing Mortgage Lending 27

Escaping the Black Hole: Appraisers Fleeing Mortgage Lending

Climbing out of that black hole is nearly impossible. It’s one reason why many appraisers are vacating mortgage lending appraisal assignments.  This “discrimination settlement” hit the fan last week in a news feed I get. Another appraiser (in CA) settles a discrimination complaint: Oakland homeowner settles with appraiser, lender after $300,000 lowball appraisal The entire case is based on allegations by the homeowner, who had decided the value of the home was more than the appraised amount, before the appraisal was done. But when one reads through the story, one has to question whether the appraiser truly was biased against...

Appraisal / Appraisal News / Appraisers News / Trending

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