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FHFA takes a swing at racial bias in appraisal

Housing Wire

The Federal Housing Finance Agency (FHFA) is the latest stakeholder to examine how racial bias may creep into property valuations. But when the FHFA hunted for examples of racial bias by keyword searching the free-form commentary section in millions of appraisal reports, it found thousands of references to race and ethnicity.

Appraisal 424
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GSEs further expand AVMs, desktop and hybrid appraisals

Housing Wire

The Federal Housing Finance Agency released voluminous plans last week developed by Fannie Mae and Freddie Mac to make the housing market more equitable, in part through changes to the appraisal process. Still, there are some kinks to work out of third-party property data collection, which Christensen described as the “Wild West.”.

Appraisal 292
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From Forms to Reports: A Look at the UAD Overhaul

Appraisal Buzz

The new data set is all encompassing for every property type (residential) that were traditionally divided into 12 separate forms. The appraiser will be led through a process, defined by the scope of work. This scope of work is determined by the type of property and the characteristics of the property.

Appraisal 397
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NAR Member Survey on Appraisal Data Collectors

Appraisal Today

They included appraisers, real estate agents, and someone with a week, a month, or online video training. On a more positive side, I have done thousands of drive by appraisals since 1986. Most of the inspection training we receive as appraisers happens in the field. That was my training.

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7 Common Mistakes Sellers Should Avoid During a Real Estate Appraisal

Birmingham Appraisal

Homeowners, Don’t Make These Appraisal Mistakes When Selling Your Home As a real estate appraiser, I have seen many mistakes that sellers make during the appraisal process. These mistakes can significantly impact the value of a property and even lead to an appraisal being lower than the contract price.

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Appraisers and Property Data Collectors

Appraisal Today

4 Myths About Property Data Collection By McKissock Excerpts: Myth #1: PDC is the same thing as property appraisal As a professional appraiser, you know very well that what a property data collector does is not the same as what you do — even if your clients don’t always understand the difference. percent from 7.58

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Unequal Opportunity: Addressing appraisal bias is another step toward making housing more equitable

Clear Capital

Unfortunately, they also resulted in a disproportionate benefit to white families and furthered neighborhood segregation under policies referred to as redlining. Appraisers are trained to provide an objective, unbiased analysis, but they also must rely upon data and methodologies that have been impacted by the systemic racism of redlining.