Appraisal Institute's PAREA receives approval from the Appraiser Qualifications Board

[glenn walker]

PAREA The New SRA

 

[glenn walker]

If AI promotes all new appraisers into PAREA that will be a good start for them to rebuild their declining membership, and over the years they will be King of the jungle again.

 

[J Grant]

NY Times -Kamala Harris Says ‘Inequality Persists’ in Home Appraisals​

The vice president announced new plans to prevent racial bias in home appraisals, following evidence of widespread discrimination against Black homeowners.

Vice President Kamala Harris on Thursday announced a series of new actions designed to root out racial bias from the home appraisal industry, including ensuring the data used in appraisal software doesn’t perpetuate discrimination and making information about home valuations and the race and ethnicity of homeowners available to the broader public.

“For generations, many people of color have been prevented from taking full advantage of the benefits of home ownership,” Ms. Harris said in her announcement. “Today that legacy of inequity persists in part in the home appraisal system.” Ninety-seven percent of appraisers are white, according to the Bureau of Labor Statistics. Allegations of low-balled values from Black homeowners have created a firestorm of criticism over the past three years, and the actions announced on Thursday build upon two years of work from the Biden administration to tackle the issue.

They include rules that would ensure Automated Valuation Models, the popular software-based tools that determine property values, are not using biased data and thus spitting out biased values; a clearer, industry-consistent pathway for homeowners to challenge what they believe is an unfair appraisal; and increased transparency of federal appraisal statistics. The administration would also publish a dashboard showing which states impose overly stringent requirements for becoming an appraiser, a move Ms. Harris said would reduce unnecessary barriers that deter Black would-be appraisers from entering the industry.

If you took off your anti woke blinders for a second she is coming down a lot harder on big data and AVM than on appraisers

o

 

[glenn walker]

If you took off your anti woke blinders for a second she is coming down a lot harder on big data and AVM than on appraisers

o

You dont know your enemy even when it tells you that you are part of the 97% white problem .

 

[glenn walker]

The implication is that big data programmers are using race biases in there models which create low values in minority neighborhoods. It also is a wink -wink- to big data to start and tweak their models .

 

[glenn walker]

She now has three targets - 97% White Appraisers- Bad AVMs and bad Statisticians who need to reprogram how they interpret data. She did a good spin so people like you are now focused on the AVM and Data and not the human aspect to appraising which is too male and too white.

Now you folks can debate next on how the AVM has taken your job because it will be programmed to always hit the Bulls Eye and a higher value. This also will increase the use of more waivers because the AVM will be the more lender friendly value.

Read between all the lines and its another head shot that has blind sided old appraisers into focusing on things that are not important. I will give Kamala credit she pulls no punches on what her agenda is and looks you straight in the eye to tell you that you are now going to be obsolete.

 

[glenn walker]

The Presidents Chief Domestic Advisor Says :

On average, homes in neighborhoods where residents are majority Black are appraised at half the value of homes in neighborhoods were residents are primarily white. But even in mixed-race neighborhoods, Black homeowners routinely say their homes are valued for less than those of their neighbors. A number of high-profile “whitewashing” experiments, in which Black homeowners have scrubbed their homes of all evidence that a Black family lives there before receiving an appraisal, have drawn attention to the persistent phenomenon of appraisal bias.

 

[J Grant]

She now has three targets - 97% White Appraisers- Bad AVMs and bad Statisticians who need to reprogram how they interpret data. She did a good spin so people like you are now focused on the AVM and Data and not the human aspect to appraising which is too male and too white.

Now you folks can debate next on how the AVM has taken your job because it will be programmed to always hit the Bulls Eye and a higher value. This also will increase the use of more waivers because the AVM will be the more lender friendly value.

Read between all the lines and its another head shot that has blind sided old appraisers into focusing on things that are not important. I will give Kamala credit she pulls no punches on what her agenda is and looks you straight in the eye to tell you that you are now going to be obsolete.

VP Harris does not have targets, she is describing the steps they are taking and none of it targets appraisers, white or otherwise. She has has bigger things to worry about, she is addressing this now and will move on.

Fannie and Freddie and lenders can deal with any big data or AMV issues that come up. Let it be their turn in the hot seat.

 

[J Grant]

The stupid part about all this is lower prices in certain areas, minority or otherwise depending on the sales of properties in that area. It has nothing to do with the fact that 97/% of appraisers are white. It's the methodology of the sales comparison approach, thus what they believe are "low valuations" will persist.

AVMs and other forms of valuation are modeled after appraisals and usually have a sales comparison approach using comp sales. And the data is what it is. Let the Entities squirm under the scrutiny, t , they wanted appraisers out of the process so that leaves them as the bad guy.

 

[glenn walker]

You still don't see the big picture and its called Data Manipulation to use in AVMs which are used on waivers thereby allowing the increase in wavers in those communities to go up by who knows 10%-20% or more. If as she says Half of all appraisals in those neighborhoods are only valued at half the white neighborhoods. She has been telling the news in the last two weeks, and who really knows what the Wizard of Oz is doing to hit the numbers.

Maybe " inflated waivers" for all of those people, and data massaging the mathematical statistics to be what you want, this is a serious problem going forward. This kind of thinking could spread to where mathematics will become a Art Form and not a Science. Political and Social engineering which has never been tested or proven to work but it feels good for 9% of the Nations Population and where does it stop,