Housing Wire

SEPTEMBER 7, 2023

The appraisal industry is under scrutiny from various federal agencies and the government-sponsored enterprises over claims of racial bias. Those agencies and GSEs are also pushing more use of automated valuation models (AVMs). Those agencies and GSEs are also pushing more use of automated valuation models (AVMs).

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Appraiserblogs

JANUARY 8, 2024

Appraisal waivers, hybrid appraisals, automated valuation models, all based on the last 13 years of data collection by an entity I will call Goliath has created a paradoxical inversion of. Related Posts: Seller Filed a Racial Bias Complaint Against Me So what’s caused the sudden loss of income?

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Housing Wire

FEBRUARY 24, 2023

In particular, the events zeroed in on patterns of discrimination and bias for minority borrowers and homeowners. It is obvious that language being used like “eradicate” or “eliminate” in reference to appraisal bias is chosen to convey the importance of not compromising on the process being equitable for all.

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Appraiserblogs

NOVEMBER 11, 2022

I mean no disrespect to the modelers of the Automated Valuation Models (AVMs) or to Zillow for relying on their AVMs. Related Posts: Non-Appraisers Valuation Never Appropriate Here is a NAR deck on AVMs (automated valuation models). Does the buyer want more acres, or less grass to cut?

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Appraiserblogs

NOVEMBER 22, 2022

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. I mean no…. Didja Know.

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Housing Wire

DECEMBER 28, 2020

According to FHFA director Mark Calabria, modernizing the appraisal process has the potential to create a more “streamlined and accurate collateral valuation process.” At the onset of the pandemic in March, the FHFA began easing standards on property appraisals that allowed drive-by and desktop valuations in certain circumstances.

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Appraiserblogs

APRIL 1, 2022

A synopsis is in the link: PAVE task force delivers plan on appraisal bias – Lexology Key info from the PAVE report. Related Posts: TAF Is About To Get PAVEd The current administration is addressing the lack of diversity in housing valuation head-on with the formation of an interagency task…. Dear ASC: Details. Why They Matter DETAILS.

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Housing Wire

OCTOBER 1, 2022

While the vast majority of respondents did not report witness or experiencing instances of appraisal bias, only 33% of all respondents reported that the most competent appraisers are being selected in their markets some of the time, and only 20% said that this is the case most of the time.

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Housing Wire

MAY 24, 2022

Concerns remain, however, around whether automated valuation models (AVMs), used in desktop appraisals, have the potential to bake-in and amplify racial bias , in part by relying on historical sales comparison values. However, they have several more pressing priorities when it comes to what they’re investing in.

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Housing Wire

JANUARY 10, 2023

The past couple years have seen an enormous amount of effort put into shining a spotlight on industry issues such as racial bias, the inability to scale with volume and inconsistent results. Well, here we are at the beginning of another year. For those of us in housing finance, the calendar year change really does mean something.

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Housing Wire

MARCH 23, 2021

This expanded the use of non-traditional valuation products that leverage existing data e.g., the use of hybrid valuation products with a modified scope of work, allows appraisers to focus on the analysis rather than the data collection. HW: What is the No. 1 challenge housing professionals are facing today regarding appraisals?

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Empire Appraisal Group

MARCH 16, 2022

CFPB Wants to Remove Bias in Algorithm Appraisals. WASHINGTON – An automatic appraisal sounds fair, as if taking the human element out of lending decisions can erase bias by lenders who may not even know they’re making biased decisions. The technical term for them is automated valuation models (AVM).

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Housing Wire

AUGUST 23, 2022

HW: Freddie Mac’s ACE+ PDR (automated collateral evaluation plus property data report) solution laid out in their March bulletin is effective as of July 17, 2022. HousingWire recently spoke with Kenon Chen, Executive Vice President of Corporate Strategy at Clear Capital, about desktop appraisal adoption and appraisal modernization.

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Appraiserblogs

FEBRUARY 28, 2022

The CFPB is reviewing bias in Automated Valuation Models (AVMs). These agencies are concerned AVMs may reflect bias in design and function. These agencies are concerned AVMs may reflect bias in design and function. The mathematical models rely on biased data resulting in inaccurate valuations.

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McKissock

MARCH 24, 2022

On March 23, 2022, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released a report entitled “Action Plan to Advance Property Appraisal and Valuation Equity.” Pages 5 and 6 of the report set forth 21 recommendations, termed “Agency Actions to Advance Valuation Equity.” Not to be outdone, the U.S.

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Clear Capital

AUGUST 8, 2023

A key differentiator for AURA is ClearPhoto , a powerful set of AI-driven rules that automates the review of property photos, ensuring they are aligned with the appraisal sketch and data. Risky Terms — Detect bias within the appraisal with risky terms rules. . Risky Terms — Detect bias within the appraisal with risky terms rules.

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Housing Wire

MAY 20, 2021

Inaccurate appraisals and valuations can impact the type of mortgage financing a potential buyer receives, whether a seller commands a fair value when selling their home, or whether a homeowner has opportunities to tap into home equity. So, what can be done to mitigate bias and inequality in the valuation process?

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Appraisal Buzz

OCTOBER 10, 2022

I have weathered seasons marred by valuation professionals whose malfeasance adversely impacted the economy and society. The future of the valuation profession is not certain to me. Technological advances suggest we need to move toward automated valuation models that churn data through automated algorithms to produce valuations.

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Clear Capital

NOVEMBER 28, 2023

This intelligent automated collateral underwriting tool unites the data necessary to tell the full story of an appraisal — helping reviewers quickly identify the issues with an appraisal or approve it. Bias detection — Risky text detection rules scan for problematic language to ensure an appraisal is aligned with fair lending guidelines.

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Housing Wire

SEPTEMBER 13, 2023

CAPE Analytics has unveiled a new, AI-powered , automated property condition report (aPCR) tool crafted for institutional lenders, whole loan investors, and real estate investors. The common understanding of valuation, inspection and even property value is shifting, as more and more technology-enabled alternatives are emerging.

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Housing Wire

MARCH 23, 2022

The Department of Housing and Urban Development ’s long-awaited action plan on appraisal bias outlines administrative actions the federal government will quickly take to address mis-valuations. One challenge in assessing the scope of appraisal bias is rooted in the informal process of challenging an appraised value.

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Appraisal Today

JUNE 23, 2023

This Is Where Appraisal Liability Risks Lie (Plus Tips on How to Avoid Them) By: McKissock Excerpts: While it’s difficult for a litigant to win a judgment against an appraiser, that doesn’t spare appraisers the inconvenience of being sued, which can be costly, time-consuming, and harmful to one’s reputation even if the suit fails.

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Housing Wire

APRIL 30, 2022

As businesses around the globe continue to streamline their processes with the help of tech advancements, residential valuation services are doing their part to keep pace. subsidiary and Radian company, offers 21st-century valuation solutions that take home price estimates to a new level.

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Clear Capital

MARCH 20, 2023

Condition modeling AI can now detect inaccuracies in appraisals and confirm whether the rating matches the actual condition of the home. This exciting development in machine learning has lenders scrambling to integrate condition modeling AI into their systems.

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Housing Wire

MARCH 31, 2022

The new Federal Valuation Agency would be responsible for developing real estate valuation standards and appraiser criteria, a function the Appraisal Foundation currently performs. The draft bill also proposed an “Office of Fair Lending” within the new valuations agency, which would report to the head of the agency.

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Housing Wire

FEBRUARY 23, 2022

The Consumer Financial Protection Bureau (CFPB) announced Wednesday that it may propose a rule to regulate the use of automated valuation models (AVMs) by lenders and appraisers. The government watchdog is concerned that automated valuation models may reflect bias in design and function.

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Appraisal Today

MARCH 15, 2024

Unlike the standardized expectations of urban and suburban properties, rural properties often present unique characteristics that require a nuanced approach to valuation. It is not hard to learn the valuation factors. I had niece who had several horses for many years where she lived. You may have some similar rural experience now!

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Housing Wire

JULY 14, 2023

The National Association of Mortgage Brokers (NAMB) announced this week that it supports new federal regulatory proposals governing the use of automated valuation models (AVMs) in determining property values for mortgage originators and secondary market issuers. Department of the Treasury ; and the Federal Reserve System.

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Housing Wire

AUGUST 2, 2023

Department of Housing and Urban Development (HUD) on Wednesday announced a new collaboration with the National Association of Real Estate Brokers (NAREB) designed to increase the housing industry’s awareness of appraisal bias. housing and home property valuation.

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Appraisal Today

FEBRUARY 23, 2024

The challenge of pulling comps in 2024 By Ryan Lundquist February 14, 2024 Excerpts: Pulling comps in 2024 is tough. Think about it this way. If we have 40% fewer sales happening, that means there are 40% fewer comps. Let’s talk about this. I also have some market recap visuals to unpack what’s been happening in 2024 so far.

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Housing Wire

JANUARY 11, 2024

I’ve interviewed 17 tech executives since we launched our HousingStack newsletter in September and I’ve been surprised and thankful for the candor and insight of each executive. Here are some of the highlights from those interviews on the important topics they’re thinking about. But it’s weird.

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Housing Wire

JUNE 2, 2023

On the heels of a Thursday announcement by six federal agencies unveiling a proposed rule that would implement quality control standards that govern the use of automated valuation models (AVMs), Vice President Kamala Harris weighed in. Having your home undervalued is bigger than just a number on a page.

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Housing Wire

JANUARY 20, 2022

Remedying this gap is not only likely to reduce the number of biased valuations, but also reduce the acute shortage of appraisers, which is impacting transactions across the country.”. But Bishop believes the profession must become more diverse and aware of its role in the racial home valuation gap. “I

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Housing Wire

JANUARY 31, 2022

In September, appraisal management company Class Valuation , a subsidiary of investment firm Gridiron Capital , acquired Kansas City, Missouri-based Pendo Management for an undisclosed sum. And in October, private holding group StoicLane acquired control of the appraisal management company Lender’s Valuation Services (LVS). .

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Cleveland Appraisal Blog

NOVEMBER 11, 2021

However, I believe that they’ve put too much value in their “values” Valuation is not their expertise. VALUATION IS NOT EASY OR SIMPLE. Valuation is not simple and not nearly as easy as many think it is. There are several reasons. Zillow’s Zestimates can be accurate. However, much of the time, they are off.

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AmeriMac

OCTOBER 30, 2023

The appraisal industry has undergone a significant transformation in recent years, with the emergence of alternate valuation products like the property inspection waiver program. In this blog post, we will look in-depth at alternate valuation products, how they work, and their potential to replace traditional appraisal methods.

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Clear Capital

JUNE 21, 2022

When Freddie Mac published the study, “ Discovery of Racial and Ethnic Valuation Gaps In Home Purchase Appraisals ” in late 2021, its conclusion, “that Black and Latino applicants receive lower appraisal values than the contract price more often than White applicants,” sent shockwaves through the mortgage industry. Valuation Equity.

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