Tagged: discrimination

Vote With Your Wallet. We Can’t Boycott the AMC Industry Twice 18

Vote With Your Wallet. We Can’t Boycott the AMC Industry Twice

Vote with your wallet. Vote with your feet. Vote with your time. Vote with your patronage. Vote with your clicks. Sorry to inform those who are seeking someone else to bail them out of this continued blatant abuse of power and ongoing racketeering enterprise known as Appraisal Management Companies (AMCs). We can’t boycott the AMC industry twice. It’s your turn now. And that’s the rub, it’s our industry, not some other groups industry. Without appraisers, there is no valuation services industry. The appraisal management groups presence is irrelevant unless appraisers choose to make the AMCs relevant with patronage. Each appraisers...

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

Bringing More People Into a Dying Profession! 84

Bringing More People Into a Dying Profession!

Some people want to bring more people (primarily of color, which is great) into a dying profession. But the profession is being killed off by (mostly white!) people who think technology is the golden spoon to accurate valuations.  Appraisers, I’ve been studying, and writing about since 2006, all kind of issues surrounding our profession, and frankly some currently does not make sense. As many know, ‘we’ have been accused of not having “enough black people” in appraiser ranks. The claim is that blacks only represent 3% or so of the total population of appraisers. The people engaged in blaming appraisers...

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

All This Will Do is CREATE BIAS! 29

All This Will Do is CREATE BIAS!

All this will do is CREATE BIAS… How does one stay unbiased if they repeatedly get sued or raked over the coals every time they do an honest, true appraisal that does not meet the expectation of untrained members of the general public…  Does bias exist? Of course. Does it exist in appraising? Rarely, if ever. Not one of the publicly aired cases has shown any verifiable facts or data to prove their claims. Bias in appraising is rare and far less than in nearly all other vocations. Why? Because appraisers are and have been, for decades, already held to...

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

HUD ROV Process to Address Appraisal Bias 37

HUD ROV Process to Address ‘Appraisal Bias’

At a recent event at the Brookings Institute, HUD Secretary Marcia L. Fudge announced that HUD is creating a ROV process for people seeking FHA financing to request a review of their appraisal if they believe the results may have been skewed by racial bias. For example, a homeowner who is in the process of refinancing their home with an FHA-insured mortgage can take steps to ensure that their appraisal is fair. HUD 20.23-011 “HUD is committed to making the appraisal process fair nationwide. We must eliminate bias in home valuations so that everyone can equally reap the benefit of...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

Appraisers the Convenient Scapegoats 19

Appraisers the Convenient Scapegoats

The appraisers are the convenient scapegoats every time.  Anytime the real estate market takes a hit, 99% of the time it is because of banking and lending practices. The appraisers are the convenient scapegoats every time. During the 1980s it was the commercial side, yet residential appraisers received both barrels of double-odd buck. Then in 2008 again: stated income, 40 year loans, predatory lending (REFINANCING), NO money down (no skin in the game); people used their homes as a slot machine that paid out every time; that is as long as the market values continued to rise. Predatory lenders had...

Appraisal / Appraisal News / Appraisers News / Trending

Bias & Discrimination in Reports 11

Bias and Discrimination in Reports, Yes or No?

Appraisers, should we include discussion of B&D in our reports? Wait, What?? Bondage and Discipline? No, not that. Bias and Discrimination. Yes, it must be addressed very clearly. Now, before you blow a cork or throw your mouse at the computer screen, let’s examine what’s really been impacting ‘us’ for the past 4 plus years. One of our peers, who’s become somewhat famous for the way articles are written about appraisal and other topics, had a recent article ‘rebroadcasted’ in AppraisersBlogs, FTX Bought Government’s Silence; Did Fintechs Buy Attacks on Appraisers? A statement in that article exposes some of what has...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

Preference Falsification - Why Licensees Parrot Notions They Know Are Untrue 20

‘Preference Falsification’ – Why Licensees Parrot Notions They Know Are Untrue

Preference falsification has resulted in some appraisers parroting talking points they know to be untrue.  People who live under authoritarian regimes rarely reveal their true feelings. They get used to lying. Parroting the party line becomes second nature in oppressive societies. It’s not a reflection of one’s moral compass but a survival mechanism. In his book “Private Truths, Public Lies,” Timur Kuran, an economist and political scientist at Duke University, writes about this disconnect, known as “preference falsification.” Preference falsification is dangerous because it lends an air of permanence to structures that are brittle and susceptible to sudden collapse. Kuran...

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

AVMs The Not So Accurate Magic Bullet 21

AVMs… The Not So Accurate Magic Bullet

That article mentioned three on-line services which claim to provide accurate property values. In alphabetical order, those services were REDFIN, ReMax, and Zillow.  Folks, in all the diatribes against appraisers by people who believe “we” have built-in systemic bias, the topic of AVMs has come up. Some of the diatribers apparently think that using an AVM will magically produce an accurate property valuation, while eliminating bias, and appraisers. Well, not so fast. A while ago I saw a ‘consumer facing’ article telling people how they could get the value on their home. That article mentioned three on-line services which claim...

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

DEI Bosses at Financial Institutions Have a Problem - Diversity 12

Top DEI Bosses Have a Problem – Diversity

The ranks of the new DEI bosses at the financial institutions are no more diverse than the appraisers their institutions see as the enemy. If the lack of diversity of appraisers is inherently bad, how could the same not be said for the DEI bosses?  A full 93 percent of U.S. birdwatchers are white. Just 4 percent are African-American and a paltry 1 percent are Asian-American. Just 5 percent are Hispanic (which includes both blacks and whites). This was according to the U.S. Fish and Wildlife Service as reported in National Geographic a number of years ago. Another study found...

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

Hit Pieces & Diatribes Against Appraisers Based on Census Tracts 15

Diatribes Against Appraisers

What’s even more frustrating to me is none of the well-known appraiser organizations have offered any public rebuttal to any of these hit pieces, or explained how the appraisal process works as a way to defend appraisers… Census Tract data delineating RACE of the population is the only ammunition the people doing these hit pieces can use to attack appraisers. Appraisers, this is a long article but it’s important, as it reveals how you are being discredited in the work you do. Yet, ‘we’ must begin doing some introspection of what we are or have been doing, and make necessary...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

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