Hybrid Appraisals

[CGinMN]

How deep does this thing go?

 

[Mejappz]

Yes, but the internet is forever.

Racial and Ethnic Valuation Gaps In Home Purchase Appraisals

To follow up on several stories of potential appraisal bias in various news outlets, Freddie Mac kicked off a study of whether minorities are more likely to receive an appraisal value that is lower than the contract price during purchase transactions.

web.archive.org

Racial & Ethnic Valuation Gaps in Home Purchase Appraisals - A Modeling Approach

This research explores whether properties in predominantly Black and Latino census tracts are more likely than properties in predominantly White census tracts to receive an appraisal value that is lower than the contract price when homes are appraised for the purpose of obtaining a home loan.

web.archive.org

By the way, Scott Rueter is in hot water. He has removed his social media post about the appraisal control fraud breakfast with the gang of six. It seems that Pulte and the FHFA did not let this slip by.

 

[CGinMN]

You guys are never gonna believe this.

https://www.fhfa.gov/document/wp2501.pdf

Using 24 million appraisals for refinance mortgages over the January 2013 toMarch 2024 period and comparing homes in the same census tract and yearquarter, we find that homes of single female households are appraised for2.4% less than those of single men. Appraisers make lower adjustments tocomparable properties and give worse house condition ratings for single female homes. The gap is less pronounced when borrowers have unisex namesand when appraisers have greater exposure to single female homeowners.

 

[Mejappz]

All of this is like a bad magic trick—built on fraud, slander, lies, and a sprinkle of fairy dust. Now, they want you to accept $100 for a full appraisal so they and their corrupt buddies can fill their pockets even more. And, of course, they’ve got another top-secret, never-to-be-seen 'study' (because who needs transparency?) to push their little fairy tale agenda. LMAO

 

[shrubberyvaluation]

I remember one person on the news who had a house built in Bowie, MD on a property that was owned already and I think she said she paid around 1.5M for the construction. She was on TV before even getting an appraisal saying she expected it to come in lower than whats it worth because of appraiser bias. Now Bowie had very few properties over 1 Million at the time and a couple were closer to that were waterfronts IIRC (her property was not). Then after the appraisal she whined on TV, how could my house be worth less than what it cost to build it. Of course this person has a business that profits off of this narrative also...

 

[shrubberyvaluation]

You guys are never gonna believe this.
View attachment 98494

https://www.fhfa.gov/document/wp2501.pdf

Using 24 million appraisals for refinance mortgages over the January 2013 toMarch 2024 period and comparing homes in the same census tract and yearquarter, we find that homes of single female households are appraised for2.4% less than those of single men. Appraisers make lower adjustments tocomparable properties and give worse house condition ratings for single female homes. The gap is less pronounced when borrowers have unisex namesand when appraisers have greater exposure to single female homeowners.

Don't feel like reading the paper but did the take condition/updates into account? I imagine there is some other variable. I remember when they did the study in Baltimore and they turned in the black appraiser to the state for valuing homes where hes greeted by a white person higher than by a black person by their limited study.

 

[shrubberyvaluation]

You guys are never gonna believe this.
View attachment 98494

https://www.fhfa.gov/document/wp2501.pdf

Using 24 million appraisals for refinance mortgages over the January 2013 toMarch 2024 period and comparing homes in the same census tract and yearquarter, we find that homes of single female households are appraised for2.4% less than those of single men. Appraisers make lower adjustments tocomparable properties and give worse house condition ratings for single female homes. The gap is less pronounced when borrowers have unisex namesand when appraisers have greater exposure to single female homeowners.

Greater exposure to single female homeowners?

 

[CGinMN]

I remember one person on the news who had a house built in Bowie, MD on a property that was owned already and I think she said she paid around 1.5M for the construction. She was on TV before even getting an appraisal saying she expected it to come in lower than whats it worth because of appraiser bias. Now Bowie had very few properties over 1 Million at the time and a couple were closer to that were waterfronts IIRC (her property was not). Then after the appraisal she whined on TV, how could my house be worth less than what it cost to build it. Of course this person has a business that profits off of this narrative also...

This one.

Council considers law to address Prince George's Co. appraisal bias

The Real Estate Appraisal Bias Ban of 2023 would, in addition to other actions, impose a $10,000 fine on real estate appraisers that discriminate against homeowners.

www.wusa9.com

Jacqulyn Priestly and her husband said their Bowie home was undervalued by about $500,000.

She seems to specialize in grift.

About | Black Homes Matter

Black Homes Matter is a coalition of community leaders, realtors, elected officials and other concerned citizens across Prince George’s County, MD.

www.blackhomesmatter.org

 

[shrubberyvaluation]

This one.

Council considers law to address Prince George's Co. appraisal bias

The Real Estate Appraisal Bias Ban of 2023 would, in addition to other actions, impose a $10,000 fine on real estate appraisers that discriminate against homeowners.

www.wusa9.com

Jacqulyn Priestly and her husband said their Bowie home was undervalued by about $500,000.

She seems to specialize in grift.

About | Black Homes Matter

Black Homes Matter is a coalition of community leaders, realtors, elected officials and other concerned citizens across Prince George’s County, MD.

www.blackhomesmatter.org

View attachment 98498

Yes that is the person I was thinking of.

 

[CGinMN]

Class is so giddy about using hybrids to eliminate appraisers from inspections to reduce racial bias.

^Imagine writing this with a straight face.