Tagged: discrimination

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

The New Appraisal Profession – Why bother! 26

The New Appraisal Profession – Why bother!

As long as the new normal is reporting the appraiser when you don’t like the value continues, why bother?  In today’s new and unimproved appraisal atmosphere, any appraiser that does not “hit the number” is open to detrimental consequences. Buyers, Sellers, & Refinancers – The U.S. Government from the top down have provided the media and the public in general with so much toxic misinformation and encouragement that any appraiser doing their job, a job that can lead to lower values than expected, can now be turned to HUD itself, or a state appraisal board for racial bias. So, why...

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

Reindeer Standards As Unenforceable As Appraisal Code 8

Reindeer Standards As Unenforceable As Appraisal Code

There’s a lot to like about the bylaws of the Association of World Reindeer Herders. The code defines how herders promote professional, commercial and cultural contact in all matters related to reindeer herding. The document sets the gold standard for disseminating information world over about reindeer husbandry. The bylaws were approved at the first Congress of World Reindeer Herders on March 2, 1997. If you don’t like the 1997 version of the bylaws, there’s a 2001 version, a 2009 version and a 2013 version. Are the group’s bylaws enforceable in the United States? No. As commendable and insightful as they...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / Uniform Standards of Professional Appraisal Practice

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

Using Discrimination As a Bully Tactic 11

Using Discrimination As a Bully Tactic

As an appraiser who has been appraising in rural south for 20 years I have seen a few things. This wave of discrimination has gotten out of control. Sure, there has been some discrimination going on which is not the norm, but to accuse someone of discrimination because the value came in lower than an expected value is pure asinine. It is not our job to validate lenders and borrowers expected values. I have had very few borrowers get mad, that I am aware of, because my opinion of value was lower than their expected values. I can remember three...

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

Appraisal Bias Mantra is Largely False Reporting 16

Appraisal Bias Mantra is Largely False Reporting

Just How Commonplace Is Appraisal Bias?  Folks, about the only entity examining in depth the details behind all the allegations about appraisers being inherently biased is the American Enterprise Institute (AEI) Housing Center. They are proving that most of the allegations are mostly a dump truck load of bovine substance. Click here for their latest expose. Report: Just How Commonplace Is Appraisal Bias? – theMReport.com Within this report are these statements from AEI: “When comparing appraisals for people of color to those for non-Hispanic white people within the same geographies, a new study by the American Enterprise Institute’s (AEI) Housing...

Appraisal / Appraisal News / Appraisers News

Racial Bias Complaint Filed Against Me 47

Seller Filed a Racial Bias Complaint Against Me

So what’s caused the sudden loss of income? Could it be because of the racial bias complaint filed against me by an unhappy Seller…  Fannie Mae accomplished what they set out to do in July 2011, when they initiated their Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal. The goal was to collect enough property data to effectively remove appraisers from the home buying and refinancing process. It all started with Dodd-Frank Act, a several hundred pages Act signed into law by then President Obama, sold to unsuspecting Americans as a protection from the corrupt business practices of...

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

Reality of Today's Appraisal Environment; Discriminatory Falsehood 10

Reality of Today’s Appraisal Environment

Proving discriminatory activity is hard, which is probably one reason HUD is dragging their collective feet in resolving the filed complaints.  The real scourge of what’s been happening to appraisers for the past 5 years (yes, it started prior to the last election) has been revealed by Mr. Isaac Peck, in this article. You really need to read it, perhaps again, if you saw it come through your email on Wednesday October 25. Isaac has allowed me to “re-broadcast” his article. Yes, it’s a ‘sales promotion’ but it contains critical information appraisers need to know about. The first paragraph, contained...

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

Appraisers Pressured to Inflate Values Based on Race 13

Appraisers Pressured to Inflate Values Based on Race

The real estate appraisal industry has long been subject to pressure from various sources, such as lenders, borrowers, and agents. In the past, this pressure often came in the form of withholding business if appraisers refused to inflate values, or ignore property deficiencies. Nowadays, it appears that government efforts, aimed at curbing discrimination, are actually leading to increased pressure on appraisers to inflate values. This is a troubling development for honest appraisers who may be feeling more pressured than ever before by those looking for higher numbers than what an accurate appraisal would yield. Unfortunately, some have taken this opportunity...

Appraisal / Appraisal News / Appraisers News

Finding of Bias in Home Valuations Fails by Own Measure 39

Finding of Bias in Home Valuations Fails by Own Measure

To the surprise of no one, their redacted study found that what Perry et al. had characterized as race-based differences in home valuations were almost entirely due to socio-economic status, not racial bias by real estate appraisers. In an updated refutation of the findings of Brookings Institution researcher Andre Perry, Edward Pinto and Tobias Peter of the AEI Housing Center demonstrated just how broken the Brookings research was. Perry’s 2018 research, titled “The Devaluation of Assets in Black Neighborhoods,” pinned the nation’s racial wealth gap on 80,000 state-licensed real property appraisers. Unfortunately, these now-discredited findings have been levered by housing-industry...

Appraisal / Appraisal News / Appraisers News / Trending

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