Opinion: A unified approach for reducing appraisal bias
Opinion: A unified approach for reducing appraisal bias
With advances in data engineering and modeling, we can begin correcting some of the bias and issues in the modern appraisal process.
The post Opinion: A unified approach for reducing appraisal bias appeared first on HousingWire.
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With advances in data engineering and modeling, we can begin correcting some of the bias and issues in the modern appraisal process.
The post Opinion: A unified approach for reducing appraisal bias appeared first on HousingWire.
With advances in data engineering and modeling, we can begin correcting some of the bias and issues in the modern appraisal process.
The post Opinion: A unified approach for reducing appraisal bias appeared first on HousingWire.
Work is underway on multiple fronts to quash bias in the appraisal process. If you see an issue, you can speak up, too.
Work is underway on multiple fronts to quash bias in the appraisal process. If you see an issue, you can speak up, too.
Fannie Mae and the Cost Approach Excerpt: We often receive questions from appraisers regarding Fannie Mae and the cost approach. For example: โIโm appraising a property and have been instructed to comply with Fannie Mae guidelines. I understand that Fannie Mae requires the sales comparison approach, but what if there arenโt enough good comps? Can I use the cost approach as the primary method of valuation?โ Answer: No! In order to comply with Fannie Mae guidelines, the sales comparison ap...
Fannie Mae and the Cost Approach Excerpt: We often receive questions from appraisers regarding Fannie Mae and the cost approach. For example: โIโm appraising a property and have been instructed to comply with Fannie Mae guidelines. I understand that Fannie Mae requires the sales comparison approach, but what if there arenโt enough good comps? Can I use the cost approach as the primary method of valuation?โ Answer: No! In order to comply with Fannie Mae guidelines, the sales comparison ap...
A Maryland couple is suing appraisal firm 20/20 Valuations, its appraiser and mortgage lender loanDepot after their home was appraised at a far lower value than it was a few months later when they removed indications that a Black family lived there.
The post Appraisal firm, loanDepot sued by Black couple for bias appeared first on HousingWire.
A Maryland couple is suing appraisal firm 20/20 Valuations, its appraiser and mortgage lender loanDepot after their home was appraised at a far lower value than it was a few months later when they removed indications that a Black family lived there.
The post Appraisal firm, loanDepot sued by Black couple for bias appeared first on HousingWire.
The standards and underlying methodology used to develop the final rule for manufactured housing energy standards are flawed.
The post Opinion: A more balanced approach to manufactured home energy efficiency๏ฟผ appeared first on HousingWire.
The standards and underlying methodology used to develop the final rule for manufactured housing energy standards are flawed.
The post Opinion: A more balanced approach to manufactured home energy efficiency๏ฟผ appeared first on HousingWire.
White homeowners can expect their homesโ values to increase at twice the rate of homeowners of color, a stark confirmation of systemic racial bias in home appraisals, according to a new report. Despite ongoing accounts of ingrained discrimination over the past two years, researchers exploring racial inequality in the housing market have not had access to appraisals. This changed last week, when, following a directive from the Biden administration, the Federal Housing Finance Agency released 47...
White homeowners can expect their homesโ values to increase at twice the rate of homeowners of color, a stark confirmation of systemic racial bias in home appraisals, according to a new report. Despite ongoing accounts of ingrained discrimination over the past two years, researchers exploring racial inequality in the housing market have not had access to appraisals. This changed last week, when, following a directive from the Biden administration, the Federal Housing Finance Agency released 47...
During a Q&A session at HousingWire Annual, Sandra Thompson addressed the volatile housing market, affordability challenges, GSE risk strategies, and much more.
The post Sandra Thompson talks volatility, affordability challenges, appraisal bias and more appeared first on HousingWire.
During a Q&A session at HousingWire Annual, Sandra Thompson addressed the volatile housing market, affordability challenges, GSE risk strategies, and much more.
The post Sandra Thompson talks volatility, affordability challenges, appraisal bias and more appeared first on HousingWire.
Automated valuations tested on 50 ZIP codes in Chicago yielded no signs of racial bias, even on undervalued properties where disparities most frequently surface, according to a new Veros Real Estate Solutions study, which presents a contrast to other recent findings related to appraisal models.โWe looked at whether the size of the errors is dependent on the racial composition of an area, and we found that it is not,โ Research Economist Reena Agrawal, said in an interview about the report sh...
Automated valuations tested on 50 ZIP codes in Chicago yielded no signs of racial bias, even on undervalued properties where disparities most frequently surface, according to a new Veros Real Estate Solutions study, which presents a contrast to other recent findings related to appraisal models.โWe looked at whether the size of the errors is dependent on the racial composition of an area, and we found that it is not,โ Research Economist Reena Agrawal, said in an interview about the report sh...
If you are a new homebuyer, welcome! Buying a home can be a confusing process, however, I hope that you have been able to surround yourself with knowledgable professionals who can help you navigate your first home purchase and make it an enjoyable experience. In this new homebuyerโs guide to appraisals, Iโll help you understand the process during your first home purchase. I would like to do my part by informing and educating you on the appraisal part of the transaction. While most people wi...
If you are a new homebuyer, welcome! Buying a home can be a confusing process, however, I hope that you have been able to surround yourself with knowledgable professionals who can help you navigate your first home purchase and make it an enjoyable experience. In this new homebuyerโs guide to appraisals, Iโll help you understand the process during your first home purchase. I would like to do my part by informing and educating you on the appraisal part of the transaction. While most people wi...