Appraisal Bias

[Zoe]

I think top of agenda is improving relations with China at the moment. CFPB and other federal regulators on appraisal bias hearings can handle appraisal issues.

It could turn into huge economic war and military battle with China. I think the economic war has been going on a while.

 

[Zoe]

They are in negotiations. We have to get along with China. Biden needs to get his butt over there or invite a Chinese official to the White House.

 

[Tom D]

They are in negotiations. We have to get along with China. Biden needs to get his butt over there or invite a Chinese official to the White House.

china has already negotiated with biden, how many millions did hunter get. not accusing anyone, but as the democrates love to say 'it's the perception of". their favorite line when accusing republicans.
doing something is obvious, but not doing somethings that helps your enemy is hard to prove.

 

[Zoe]

china has already negotiated with biden, how many millions did hunter get. not accusing anyone, but as the democrates love to say 'it's the perception of". their favorite line when accusing republicans.
doing something is obvious, but not doing somethings that helps your enemy is hard to prove.

That is interesting also. However, I need China to be on our side and I am not sure that can happen because of the differences in forms of government.

I don't think a democracy and republic form of government matches China's values. That is in huge part the reason for this terrible war in Ukraine.

USA is fighting for republic and democracy form of governent. Much of Europe agrees with USA. NATO agrees. Pretty big allies. Really big allies.

 

[Zoe]

There is no way Russia can defeat Ukraine with USA and NATO on their side. No way. Waste of effort on Russia.

Biden and NATO should be negotiating with Russia better.

 

[glenn walker]

There is no way Russia can defeat Ukraine with USA and NATO on their side. No way. Waste of effort on Russia.

Biden and NATO should be negotiating with Russia better.

Get back on topic -this is not about China .

 

[shrubberyvaluation]

i don't think biden wants appraisers to suffer from over whelming guilt for appraising certain areas lower than others. however, the leftist behind the puppet believe all white people need to move down the equity ladder quite a bit. biden is too busy right now trying to figure out how to build a rail line from the pacific ocean to the indian ocean that he mentioned in a recent speech.
i thought that CU tells you that you appraised a property too high with lower sales revealed. it doesn't say you appraised a property too low? CU has a value bias.

It does I have been asked about certain sales that I'm told CU picked up and they were nothing like the subject and in a different market area.

 

[glenn walker]

It does I have been asked about certain sales that I'm told CU picked up and they were nothing like the subject and in a different market area.

Yes thats true but I was told thats not the same platform used for waivers as they use a AVM not individual sales .

 

[glenn walker]

Housing Wire June 2- 2023​

Kamala Harris talks proposed AVM bias rule as White House announces new appraisal actions​

The proposed rule, unveiled by six federal agencies on Thursday, aligns with the administration’s goals to reduce bias in housing, Harris said . On the heels of a Thursday announcement by six federal agencies unveiling a proposed rule that would implement quality control standards that govern the use of automated valuation models (AVMs), Vice President Kamala Harris weighed in.

“Today, I’m proud to announce we are developing a rule that will require that financial institutions ensure that their appraisal ( algorithms are not biased,) for example, that they do not produce lower valuations for homes owned by people of color,” Harris said Thursday in a call with reporters. “We are also releasing the guidance to make it easier for consumers to appeal what they suspect to be unbiased valuation.”

The White House added its own comments to the newly-announced initiative, saying that the proposed rule follows goals set out by the president in addressing issues of racial bias that have exacerbated home ownership and wealth gaps.

“These standards would require financial institutions, mortgage originators, and secondary market issuers that use AVMs to adopt and maintain policies and other safeguards to ensure greater confidence in valuation estimates, protect against data manipulation, avoid conflicts of interest, and conduct random sample testing and reviews,” the White House said on Thursday. “In addition, the proposed rule expressly includes a nondiscrimination quality control standard.”

The vice president added in her remarks that the issue warrants attention from the administration due to the role that home ownership plays in building a family’s wealth.

 

[Fernando]

Housing Wire June 2- 2023​

Kamala Harris talks proposed AVM bias rule as White House announces new appraisal actions​

The proposed rule, unveiled by six federal agencies on Thursday, aligns with the administration’s goals to reduce bias in housing, Harris said . On the heels of a Thursday announcement by six federal agencies unveiling a proposed rule that would implement quality control standards that govern the use of automated valuation models (AVMs), Vice President Kamala Harris weighed in.

“Today, I’m proud to announce we are developing a rule that will require that financial institutions ensure that their appraisal ( algorithms are not biased,) for example, that they do not produce lower valuations for homes owned by people of color,” Harris said Thursday in a call with reporters. “We are also releasing the guidance to make it easier for consumers to appeal what they suspect to be unbiased valuation.”

The White House added its own comments to the newly-announced initiative, saying that the proposed rule follows goals set out by the president in addressing issues of racial bias that have exacerbated home ownership and wealth gaps.

“These standards would require financial institutions, mortgage originators, and secondary market issuers that use AVMs to adopt and maintain policies and other safeguards to ensure greater confidence in valuation estimates, protect against data manipulation, avoid conflicts of interest, and conduct random sample testing and reviews,” the White House said on Thursday. “In addition, the proposed rule expressly includes a nondiscrimination quality control standard.”

The vice president added in her remarks that the issue warrants attention from the administration due to the role that home ownership plays in building a family’s wealth.

It's about time. Good for VP Harris.