LAZERSON: Government seeks to empower consumers to challenge low valuations while lifting obstacles to minorities becoming appraisers.
Are racial minorities suffering financial losses because their home appraisals are tainted by bias?And on Wednesday, March 23, an inter-agency task force co-chaired by U.S. Housing and Urban Development Secretary Marcia Fudge unveiled an action plan designed to transform the appraisal industry and root out hidden bias that can affect a minority homeowner’s mortgage rates, equity and income from a sale.
No doubt there is no place for bias. Bias in home valuations limits the ability of Black and Brown families to enjoy financial returns associated with homeownership, contributing to the already sprawling racial wealth gap, according to a White House fact sheet. The appraisal industry, the fact sheet said, “has long operated in a relatively closed and self-regulated framework.” Legislation is needed to make the industry more accountable.
The importance of appraiser independence was enshrined in the 2010 Dodd-Frank Act, which contained language ending the abuse appraisers suffered during the housing bubble of the mid-2000’s. Back then, appraisers often were pressured to hit a property value number as a condition for getting work.The Appraisal Institute released a statement noting that “this is a complex issue.”
The rebuttal process never worked. In my experience we might get a reconsideration of value in perhaps 5-10% of all the requests we’ve submitted. Even then, the updated values never came close to where it should have been. They may not have the level of intelligence sophistication Fannie and Freddie have, but there’s no reason this task force can’t make Fan and Fred share their lists.
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