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Maxine Waters Wants Appraisers Investigated - Appraisers Blogs

Maxine Waters Wants Appraisers Investigated - Appraisers Blogs

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...

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Maxine Waters Wants Appraisers Investigated - Appraisers Blogs
Maxine Waters Wants Appraisers Investigated - Appraisers Blogs
Maxine Waters Wants Appraisers Investigated - Appraisers Blogs
Maxine Waters Wants Appraisers Investigated - Appraisers Blogs
appraisersblogs appraisersblogs | 2 years ago
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 longstandi...
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 longstandi...
Corelogic Take on Appraisal Overvaluation - Appraisers Blogs
Corelogic Take on Appraisal Overvaluation - Appraisers Blogs
Corelogic Take on Appraisal Overvaluation - Appraisers Blogs
Corelogic Take on Appraisal Overvaluation - Appraisers Blogs
appraisersblogs appraisersblogs | 1 year ago
The results of this 2021 white paper: Appraisal overvaluation: Evidence of price adjustment bias in sales Comparisons co-authored by Frank Nothaft are pretty interesting. At first glance, I get the CoreLogic evil empire stuff, but step back and take it all in. Here’s the abstract.
The results of this 2021 white paper: Appraisal overvaluation: Evidence of price adjustment bias in sales Comparisons co-authored by Frank Nothaft are pretty interesting. At first glance, I get the CoreLogic evil empire stuff, but step back and take it all in. Here’s the abstract.
FHA Extends Appraisal Validity Period - Appraisers Blogs
FHA Extends Appraisal Validity Period - Appraisers Blogs
FHA Extends Appraisal Validity Period - Appraisers Blogs
FHA Extends Appraisal Validity Period - Appraisers Blogs
appraisersblogs appraisersblogs | 1 year ago
On July 12, 2022, the FHA announced that it is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This applies to case numbers assigned on or after June 1, 2022. This just seems like a bad idea at a time where many markets are seeing price declines. FHA INFO 2022-71 — July 12, 2022 In this Announcement: FHA Implements Revised Appraisal Validity Period Guidance Appraisal Logging Changes in FHA Connect...
On July 12, 2022, the FHA announced that it is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This applies to case numbers assigned on or after June 1, 2022. This just seems like a bad idea at a time where many markets are seeing price declines. FHA INFO 2022-71 — July 12, 2022 In this Announcement: FHA Implements Revised Appraisal Validity Period Guidance Appraisal Logging Changes in FHA Connect...
Lender Liability for a Negligent Appraisal? - Appraisers Blogs
Lender Liability for a Negligent Appraisal? - Appraisers Blogs
Lender Liability for a Negligent Appraisal? - Appraisers Blogs
Lender Liability for a Negligent Appraisal? - Appraisers Blogs
appraisersblogs appraisersblogs | 1 year ago
As residential property prices plateau or decline in various markets and as borrowers have financial problems with fewer financing options, there are more legal claims being filed by borrowers against appraisers and lenders in relation to appraisals for loans made in recent years. Essentially, the cases are situations of “buyer-borrower remorse.” Leaving aside the appraiser’s potential liability, does a mortgage lender have liability to the borrower for a negligent appraisal? An Ohio appe...
As residential property prices plateau or decline in various markets and as borrowers have financial problems with fewer financing options, there are more legal claims being filed by borrowers against appraisers and lenders in relation to appraisals for loans made in recent years. Essentially, the cases are situations of “buyer-borrower remorse.” Leaving aside the appraiser’s potential liability, does a mortgage lender have liability to the borrower for a negligent appraisal? An Ohio appe...
"Flavors" of Appraisal Reports - Appraisers Blogs
"Flavors" of Appraisal Reports - Appraisers Blogs
"Flavors" of Appraisal Reports - Appraisers Blogs
"Flavors" of Appraisal Reports - Appraisers Blogs
appraisersblogs appraisersblogs | 2 years ago
SEE the differences between the THREE versions of the 1004 reports, what I euphemistically call “flavors.” Appraisers, recent watercooler discussions by appraisers focus on the new ‘desktop’ appraisals many will be requested to do. Now that the GSE’s have “formally” approved non-appraiser-inspected reports for first mortgage lending (or will very soon – not sure of the exact effective date), you may want to actually SEE the differences between the THREE versions of the 1004 repor...
SEE the differences between the THREE versions of the 1004 reports, what I euphemistically call “flavors.” Appraisers, recent watercooler discussions by appraisers focus on the new ‘desktop’ appraisals many will be requested to do. Now that the GSE’s have “formally” approved non-appraiser-inspected reports for first mortgage lending (or will very soon – not sure of the exact effective date), you may want to actually SEE the differences between the THREE versions of the 1004 repor...
Grants to Help Train Appraisers - Appraisers Blogs
Grants to Help Train Appraisers - Appraisers Blogs
Grants to Help Train Appraisers - Appraisers Blogs
Grants to Help Train Appraisers - Appraisers Blogs
appraisersblogs appraisersblogs | 1 year ago
Folks, this article appeared in American Banker on September 7, 2022. In my view, after reading it, the article appears to present a balanced perspective about what appraisers have been experiencing since the FIRREA law was mandated back in 1989. It also exposes problems with getting new people into the appraisal profession. If you have been paying attention to appraisal related activities over the years, you will recognize the names of people quoted in this American Banker article. One thing t...
Folks, this article appeared in American Banker on September 7, 2022. In my view, after reading it, the article appears to present a balanced perspective about what appraisers have been experiencing since the FIRREA law was mandated back in 1989. It also exposes problems with getting new people into the appraisal profession. If you have been paying attention to appraisal related activities over the years, you will recognize the names of people quoted in this American Banker article. One thing t...
The Appraisal Problem and Undue Diligence - Appraisers Blogs
The Appraisal Problem and Undue Diligence - Appraisers Blogs
The Appraisal Problem and Undue Diligence - Appraisers Blogs
The Appraisal Problem and Undue Diligence - Appraisers Blogs
appraisersblogs appraisersblogs | 1 year ago
Gone are the days of hiring a professional appraiser to solve the appraisal problem. For decades lenders have taken on the responsibility of shaping the appraisal process and dictating the solutions to the appraisal problem. Savvy appraisers push back in a positive fashion to try and enable the lender to receive a report that not only meets USPAP, FIRREA, Fannie Mae, or HUD/FHA/VA an UAD reporting guidelines, but also provides the client with a report that is clear, concise, accurate and not mis...
Gone are the days of hiring a professional appraiser to solve the appraisal problem. For decades lenders have taken on the responsibility of shaping the appraisal process and dictating the solutions to the appraisal problem. Savvy appraisers push back in a positive fashion to try and enable the lender to receive a report that not only meets USPAP, FIRREA, Fannie Mae, or HUD/FHA/VA an UAD reporting guidelines, but also provides the client with a report that is clear, concise, accurate and not mis...
Bias. It's Easier to Blame the Messenger - Appraisers Blogs
Bias. It's Easier to Blame the Messenger - Appraisers Blogs
Bias. It's Easier to Blame the Messenger - Appraisers Blogs
Bias. It's Easier to Blame the Messenger - Appraisers Blogs
appraisersblogs appraisersblogs | 2 years ago
No one wants to be the messenger… Appraisers are messengers. Why is their message so despicable? So biased? The messenger. Psychology research easily points out our tendency to dislike the bearer of bad news. It’s also intuitive. Bad news messengers do not smile when they bring the news. Sometimes they even look guilty. We humans can be really basic. We see a correlation between the bad news, the frown, and the messenger. Appraisers are messengers. Why is their message so despicable? So bias...
No one wants to be the messenger… Appraisers are messengers. Why is their message so despicable? So biased? The messenger. Psychology research easily points out our tendency to dislike the bearer of bad news. It’s also intuitive. Bad news messengers do not smile when they bring the news. Sometimes they even look guilty. We humans can be really basic. We see a correlation between the bad news, the frown, and the messenger. Appraisers are messengers. Why is their message so despicable? So bias...
Don Machholz Passing - Appraisers Blogs
Don Machholz Passing - Appraisers Blogs
Don Machholz Passing - Appraisers Blogs
Don Machholz Passing - Appraisers Blogs
appraisersblogs appraisersblogs | 1 year ago
Folks, yesterday, August 11, I received the following notice about Don Machholz from a California appraiser, who requested this be circulated: With sadness, I wanted to share the news of Don Machholz passing on Tuesday, August 9 in Wikieup, AZ due to complications with COVID-19. Don was a real estate appraiser from 2003-2018 and was well known within the appraisal industry. He was active in the Real Estate Appraisers Organization (REAA) and the Nevada County and Placer County Association of Real...
Folks, yesterday, August 11, I received the following notice about Don Machholz from a California appraiser, who requested this be circulated: With sadness, I wanted to share the news of Don Machholz passing on Tuesday, August 9 in Wikieup, AZ due to complications with COVID-19. Don was a real estate appraiser from 2003-2018 and was well known within the appraisal industry. He was active in the Real Estate Appraisers Organization (REAA) and the Nevada County and Placer County Association of Real...
Baltimore Racial Bias Lawsuit - Appraisers Blogs
Baltimore Racial Bias Lawsuit - Appraisers Blogs
Baltimore Racial Bias Lawsuit - Appraisers Blogs
Baltimore Racial Bias Lawsuit - Appraisers Blogs
appraisersblogs appraisersblogs | 1 year ago
Folks, below is the Baltimore court paperwork for the latest appraiser bias suit that recently ‘hit the fan.’ This document is fairly specific, in that it reveals quite a lot about the two appraisals performed, including the home locations for the ‘comps’ used. The attorneys representing the plaintiffs are from the same Washington, D.C. firm that The Appraisal Foundation hired to examine USPAP. That firm was the one which has provided new ‘discrimination avoidance’ verbiage being co...
Folks, below is the Baltimore court paperwork for the latest appraiser bias suit that recently ‘hit the fan.’ This document is fairly specific, in that it reveals quite a lot about the two appraisals performed, including the home locations for the ‘comps’ used. The attorneys representing the plaintiffs are from the same Washington, D.C. firm that The Appraisal Foundation hired to examine USPAP. That firm was the one which has provided new ‘discrimination avoidance’ verbiage being co...