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Allegations of Appraiser racism
- Thread starter Tawfik Ahdab
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djd09
Elite Member
- Joined
- May 20, 2009
- Professional Status
- Licensed Appraiser
- State
- Ohio
Homepoint Makes New Refinance Program Available for Low-Income Families
ANN ARBOR, Mich., May 27, 2021 /PRNewswire/ -- Homepoint, one of the nation's leading mortgage originators and servicers, is making it easier for eligible low-income borrowers to take advantage of still historically low interest rates to secure a lower rate than they currently have and decrease their monthly mortgage payments.
Homepoint will begin offering Fannie Mae's® new refinance option, RefiNow™, on June 7, making it easier for homeowners with a Fannie Mae-owned mortgage to reduce their interest rate by a minimum of 50-basis points and save at least $50 in monthly mortgage payments.
Additionally, Homepoint will provide a maximum $500 appraisal credit for borrowers that are not eligible for an appraisal waiver, on top of waiving the 50-basis point adverse market fee for borrowers with loan balances at or below $300,000. Flexible loan terms are available, so borrowers are not required to extend their loan term.
Homepoint Makes New Refinance Program Available for Low-Income Families
/PRNewswire/ -- Homepoint, one of the nation's leading mortgage originators and servicers, is making it easier for eligible low-income borrowers to take...
www.prnewswire.com
Mejappz
Elite Member
- Joined
- Dec 16, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Florida
Homepoint Makes New Refinance Program Available for Low-Income Families
ANN ARBOR, Mich., May 27, 2021 /PRNewswire/ -- Homepoint, one of the nation's leading mortgage originators and servicers, is making it easier for eligible low-income borrowers to take advantage of still historically low interest rates to secure a lower rate than they currently have and decrease their monthly mortgage payments.
Homepoint will begin offering Fannie Mae's® new refinance option, RefiNow™, on June 7, making it easier for homeowners with a Fannie Mae-owned mortgage to reduce their interest rate by a minimum of 50-basis points and save at least $50 in monthly mortgage payments.
Additionally, Homepoint will provide a maximum $500 appraisal credit for borrowers that are not eligible for an appraisal waiver, on top of waiving the 50-basis point adverse market fee for borrowers with loan balances at or below $300,000. Flexible loan terms are available, so borrowers are not required to extend their loan term.
Homepoint Makes New Refinance Program Available for Low-Income Families
/PRNewswire/ -- Homepoint, one of the nation's leading mortgage originators and servicers, is making it easier for eligible low-income borrowers to take...
Yeah, nothing to see here folks just move on.
glenn walker
Elite Member
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- Oct 11, 2006
- Professional Status
- Certified Residential Appraiser
- State
- California
No--stay tuned : )
Meandering
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- Feb 26, 2006
- Professional Status
- Real Estate Agent or Broker
- State
- Pennsylvania
Maybe this will cure all the TDS
finally.
finally.
RCA
Elite Member
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- Jun 27, 2017
- Professional Status
- Certified General Appraiser
- State
- California
I'm curious, does "The Jews of Israel" sound like a slur?
D
Deleted member 122624
Guest
New article that just came out. Interesting read.
www-nbcnews-com.cdn.ampproject.org
Black appraisers call out industry's racial bias and need for systemic change
The largely insular appraisal industry of 78,000 is skewed over 85 percent white with less than 2 percent of appraisers identifying as Black.
Carnivore
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Right. The opening sentence that sets the tone for the entire article.
"Racially based appraisal bias is a well-documented and pervasive issue that has long contributed to the widening wealth gap for Black families, and much of it has been driven by “historical racialized appraisals that influence contemporary values and appraisers’ racialized assumptions about neighborhoods to drive appraisal method,” according to a study published in the journal Social Problems."
Show me the Evidence
and this
"A different study by the Brookings Institution in 2018 found that in the average U.S. metropolitan area, “homes in neighborhoods where the share of the population is 50 percent Black are valued at roughly half the price as homes in neighborhoods with no Black residents,” and that there is a level of “implicit bias” in an individuals’ perception of members of an oppressed class. The study also found that the “value of assets — buildings, schools, leadership, and land itself — are inextricably linked to the perceptions of Black people.”
Again Show me the evidence
Actually what they are doing is using Data on a General Basis.
Finally, I do not believe for one second this statement
"A senior appraiser asked White, who is based in New York City, to come to his office right away to interview after telling her how impressed he was with her credentials. But his excitement quickly faded as soon as he saw a Black woman, White said, adding that she was not even allowed past the office’s threshold by the appraiser who turned her away, saying she was overqualified."
"Racially based appraisal bias is a well-documented and pervasive issue that has long contributed to the widening wealth gap for Black families, and much of it has been driven by “historical racialized appraisals that influence contemporary values and appraisers’ racialized assumptions about neighborhoods to drive appraisal method,” according to a study published in the journal Social Problems."
Show me the Evidence
and this
"A different study by the Brookings Institution in 2018 found that in the average U.S. metropolitan area, “homes in neighborhoods where the share of the population is 50 percent Black are valued at roughly half the price as homes in neighborhoods with no Black residents,” and that there is a level of “implicit bias” in an individuals’ perception of members of an oppressed class. The study also found that the “value of assets — buildings, schools, leadership, and land itself — are inextricably linked to the perceptions of Black people.”
Again Show me the evidence
Actually what they are doing is using Data on a General Basis.
Finally, I do not believe for one second this statement
"A senior appraiser asked White, who is based in New York City, to come to his office right away to interview after telling her how impressed he was with her credentials. But his excitement quickly faded as soon as he saw a Black woman, White said, adding that she was not even allowed past the office’s threshold by the appraiser who turned her away, saying she was overqualified."
NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
You haven't heard the breaking news from GOVCO?
They have changed their guidelines. Appraisers are now required to use sales in other higher priced neighborhoods to value homes in lower priced neighborhoods. Appraisers must now comment when they do not use sales from higher priced neighborhoods. For example: The appraiser went outside of the subjects neighborhood in order to utilize higher priced homes in order to not be accused of being a racists. Closed sales from within the subjects neighborhood would have led to a lower opinion of value; therefore closed sales from within the subjects neighborhood was not used.
Location, location, location.....that's racists.....whoever thought of that?
They have changed their guidelines. Appraisers are now required to use sales in other higher priced neighborhoods to value homes in lower priced neighborhoods. Appraisers must now comment when they do not use sales from higher priced neighborhoods. For example: The appraiser went outside of the subjects neighborhood in order to utilize higher priced homes in order to not be accused of being a racists. Closed sales from within the subjects neighborhood would have led to a lower opinion of value; therefore closed sales from within the subjects neighborhood was not used.
Location, location, location.....that's racists.....whoever thought of that?
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- Joined
- Feb 14, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Louisiana
I’m not denying the appraisal industry is shamefully under represented by appraisers of color, in large part due to the training system. But here’s the deal, a residential PAREA certification will allow a noob appraiser of color to accept ANY residential assignment. That in no way helps minority appraisers. So let’s create another license category, “secondary market certification” and develop PAREA around that. I agree with the many posters (here and on FB) who are pointing out the current training system is overkill for Fannie form work, so let’s cut to chase and out maneuver the outside interests who either know nothing or are motivated by money from ruining the profession.
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