Tagged: discrimination

First Known Racial Bias Court Case Against Appraiser 28

First Known Racial Bias Court Case Against Appraiser

It may mean that this will turn out to be the bellwether test case for other similar lawsuits against appraisers… Folks, a San Francisco, CA US District Court Judge has ruled that the bias suit against an appraiser can proceed. This link has the story: Judge finds plausible race discrimination in Black couple’s lawsuit over lowball appraisal | Courthouse News Service Appraiser Janette Miller with Miller and Perotti Real Estate Appraisers was hired by appraisal services company AMC Links to do the inspection in January 2020. The Austins’ lawsuit, filed this past December, claims Miller valued their home at $995,500...

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

PAVE May Pave Over Appraisers. The Blame Game Against Appraisers 19

PAVE May Pave Over Appraisers

The blame game against appraisers is continuing the fast and furious start, evidenced by the PAVE report. A synopsis is in the link: PAVE task force delivers plan on appraisal bias – Lexology Key info from the PAVE report. “Relevant agencies have also committed to addressing potential bias in the use of technology-based valuation tools through a rulemaking related to automated valuation models (AVMs), including the addition of a nondiscrimination quality control standard in the proposed rule.”  And, “In the coming months, the Task Force will assess: (i) the “expanded use of alternatives to traditional appraisals as a means of reducing...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Political Action

AEI Research Critique of Freddie Mac's Misleading Appraisal Gap Report 6

AEI Research Critique of Freddie Mac’s Misleading Appraisal Gap Report

More great research from AEI. This is an analysis of Freddie Mac’s misleading and basically defamatory paper on Appraisal Gap. When government related entities release misleading information like this they are attacking and defaming real estate appraisers. The hate real estate appraisers have received because of this paper and Andre Perry’s paper is relentless. Another problem with releasing misleading data and conclusions is that it actually hurts the people they are trying to help. Facts show that the real cause of the wealth gap between blacks, whites and Latinos is the income gap. It has nothing to do with appraisals...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau / Fannie Mae - Freddie Mac

Dear ASC: Details... Why They Matter. 14

Dear ASC: Details… Why They Matter

DETAILS… NO MATTER HOW SMALL OR BIG NEED TO BE PRESENTED. If not, you failed. ASC, today you failed us all. Over the past several days, the Real Estate Appraisal Industry has been the subject of scrutiny with the release of the PAVE Report that the Interagency Task Force developed on Property Appraisal And Valuation Equity set forth by the Biden Administration. On March 23, 2022, there was a public meeting to unveil the Pave Task Force report on Racial Bias in the Real Estate Appraisal Profession. You can watch the press conference below as well as read the entire...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Promoting the False Racist Appraiser Narrative 8

Promoting False “Racist Appraiser” Narrative

Some Lenders promoting false “racist appraiser” narrative to optimize profits via AVMs Like most businesses lenders want to optimize their profits. One way to make more money besides charging more is to pay less in costs and fees. One way for the lender to do that is to pay the appraiser less or just get rid of them and use a free or very inexpensive Automated Valuation Method (AVM). I personally don’t care if a lender or borrower wants to use an AVM. There is enough business out there for appraisers because not all appraisals are for loans and not...

American National Standards Institute / ANSI / Appraisal News / Appraisers News / Automated Valuation Models / AVM

Anti-Appraiser Agenda - Follow the Money! 25

Anti-Appraiser Agenda

Money may have been used to buy influence and promote the current anti-appraiser narrative being embraced by key public servants in the executive and legislative branches. TOOL MAY HELP APPRAISERS CONNECT DOTS TO UNRELENTING CHARACTER ATTACKS It’s reminiscent of a practice pioneered by Texas savings-and-loan kingpin Tom Gaubert in the 1980s. The idea was to have employees at his crumbling institution and those of his friends funnel a large number of small-dollar political donations to his buddy, Democratic House Speaker Jim Wright. The speaker, one of the most corrupt to hold the position (and that’s really saying something), spread the...

Appraisal / Appraisal News / Appraisers News / Trending

NAR Paints a Different Picture: Appraisers Among the Least Discriminatory Practices 16

NAR Report Paints a Different Picture

The study also shows the appraisal was the LOWEST scored item on the list of discriminatory practices… On February 23, 2022, NAR published the “2022 Snapshot of Race and Home Buying in America” report. The study examines homeownership trends and challenges by race and location to explain current racial disparities in the housing market. Using data from the 2021 Profile of Home Buyers and Sellers, the report looks at the characteristics of who purchases homes, why they purchase, what they purchase and the financial background for buyers based on race. The study noted that for those who said they witnessed...

Appraisal / Appraisal News / Appraisers News / NAR / National Association of Realtors / Trending

Bias in Automated Valuation Models 11

Bias in Automated Valuation Models

The CFPB is reviewing bias in Automated Valuation Models (AVMs). The proposed rules are a joint effort by the Consumer Financial Protection Bureau, the Office of the Controller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Federal Housing Finance Agency. These agencies are concerned AVMs may reflect bias in design and function. The mathematical models rely on biased data resulting in inaccurate valuations. Basically the agencies are stating historical data going back to redlining is built into these models and do not reflect current market data. Remember markets are not static and are...

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

Maxine Waters wants appraisers investigated 119

Maxine Waters Wants Appraisers Investigated

On February 22, 2022, Maxine Waters sent a letter to HUD Secretary Marcia Fudge, TAF, ASC and AI regarding ongoing appraisal bias and discrimination. She is calling on the federal regulators and AI to investigate appraisers’ misconduct and potential illegal discrimination. She will also be introducing legislation to address ongoing discrimination. Maxine Waters’ letter “highlights longstanding racial inequities plaguing America’s home valuation system”. The letter highlights longstanding racial inequities plaguing America’s home valuation system, particularly in Black-majority communities and other communities of color. To illuminate the severity of this issue, Chairwoman Waters references an email recently sent by an appraiser...

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

ASC Blaming Appraisers For Low Home Values in Communities of Color 64

ASC Blaming Appraisers

The Appraisal Subcommittee, because they were directed to do so, has produced a report, which frankly and explicitly lays the blame for low market values of homes in ‘communities of color’ directly at the feet of independent appraisers involved with mortgage lending. You will start seeing accusatory slanted media reports about this report. ABC news already has distributed it. A TV station in San Francisco has aired a story already. Yes, the report casually mentions actual facts that GOVERNMENT policies and procedures promulgated segregated and extraordinarily unfair housing issues in the US, from the 1930’s into the early 1960’s. The...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

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