Appraisal Bias

[Zoe]

My ideal is the smallest house possible that is comfortable. And the largest shop I could afford to store all my clutter. 1 bed, 1 bath- shower and john with washbasin and laundry hookups. Galley kitchen and not much else. 500 SF would do it. As small as my house is by normal standards, it has 2 unused bedrooms and an oversized living room and 2 bathrooms.

I tell people frequently it is always best to be the smallest house. Principle of progression. The larger and more expensive houses right around you will pull the value of your house up. Never really good to be largest and most expensive house compared to houses right around you. Rural vs suburban and urban can make a difference. You can get away with being the biggest and most expensive in some cases.

 

[Zoe]

People ask me many times should I finish this out. I tell them point blank many times that I would not do that. I say I would go find another house with more GLA in a similar neighborhood with larger GLA.

 

[CGinMN]

Jillian White is going to be training non-appraisers to identify bias what could go wrong.

Appraisal Insights launches to fight against appraisal bias

Appraisal Insights, a firm founded by Jillian White and dedicated to eradicating biases in appraisals, announced its launch this week.

www.housingwire.com

“Appraisal Insights caters to non-appraiser professionals who have not had access to education in appraisal practices and principles.
… The firm helps professionals identify, track, and ultimately prevent bias
…The inaugural course caters to federal regulators responsible for conducting audits of mortgage lenders.”

 

[glenn walker]

Her Web Page Is : ( Jillian-white. Com ) Jillian was featured in "Our America: Low balled", a documentary from ABC that follows Black and Latino families as they fight for fair home values after lower than expected appraisals. ABC's 18-month long investigation explores appraisal discrimination and solutions to a problem potentially costing families billions in equity.

Over the last two decades, Jillian White has led a successful career as an executive and entrepreneur in the real estate appraisal industry. As an SRA designated appraiser, Jillian currently serves on The Appraisal Institute's Government Relations Committee, as Trustee of The Appraisal Foundation's Board of Trustees and is a former member of the New York State Appraisal Board.

She began her career as founder and CEO of White Picket Fence Appraisals, a residential real estate appraisal company based in New York. Motivated by her experience as one of the industry's few black female appraisers, and having to 'whitewash' her own family’s home in order to facilitate the sale, Jillian has made it her personal mission to educate and empower all homeowners.

 

[CGinMN]

Interesting thread here on her former appraisal company

White Picket Fence Appraisal

A few weeks ago, the Appraisal Institute website posted an opening for a BPO Reviewer for a company called White Picket Fence Appraisals. The opening was nationwide, an I applied. I am a Certified Residential Appraiser in CT, who is also FHA Certified. I received an e-mail after submitting my...

appraisersforum.com

 

[glenn walker]

Interesting thread here on her former appraisal company

White Picket Fence Appraisal

A few weeks ago, the Appraisal Institute website posted an opening for a BPO Reviewer for a company called White Picket Fence Appraisals. The opening was nationwide, an I applied. I am a Certified Residential Appraiser in CT, who is also FHA Certified. I received an e-mail after submitting my...

appraisersforum.com

Hell good gig selling seminars to govt agencies , TV shows etc. Outside of that her SRA wont but two cups of Star Bucks

 

[Tiffany Gibbons]

Interesting thread here on her former appraisal company

White Picket Fence Appraisal

A few weeks ago, the Appraisal Institute website posted an opening for a BPO Reviewer for a company called White Picket Fence Appraisals. The opening was nationwide, an I applied. I am a Certified Residential Appraiser in CT, who is also FHA Certified. I received an e-mail after submitting my...

appraisersforum.com

She was a CEO at Better Mtg. as well pretty recently.
I remember reading an article where she said she lived with her parents who paid for all her food and expenses while she was a low paid trainee. Is that not privilege? And yet I shared an apartment with a roommate and worked at a restaurant at night while I was a trainee. Hmm.

 

[djd09]

Appraiser Qualifications Board Adopts New Edition of the Real Property Appraiser Qualification Criteria​

WASHINGTON, June 23, 2023 /PRNewswire/ -- The Appraiser Qualifications Board yesterday voted to adopt the Second Exposure Draft of proposed changes to the Real Property Appraiser Qualification Criteria. The new edition will become effective on January 1, 2026.


"After our education forum last fall, it was clear that stakeholders saw a need for required fair housing and valuation bias training for all appraisers," said Appraiser Qualifications Board Chair Brad Swinney. "The Board took action, developing the last two exposure drafts to require these courses as part of all appraiser's qualifying and continuing education. We deeply appreciate all of the stakeholders and members of the public who reviewed and commented on these drafts and look forward to seeing how these new courses build public trust in the profession."

buy the book take the class...snake oil salesmen

 

[Carnivore]

OK, that's cool by me. I will just use these classes to strengthen what I believe and have prescribed to my entire adult life.

 

[J Grant]

Jillian White is going to be training non-appraisers to identify bias what could go wrong.

Appraisal Insights launches to fight against appraisal bias

Appraisal Insights, a firm founded by Jillian White and dedicated to eradicating biases in appraisals, announced its launch this week.

www.housingwire.com

“Appraisal Insights caters to non-appraiser professionals who have not had access to education in appraisal practices and principles.
… The firm helps professionals identify, track, and ultimately prevent bias
…The inaugural course caters to federal regulators responsible for conducting audits of mortgage lenders.”

Fannie and Freddie did not speak up for MV methods and they went along with the bias narrative thinking it would bolster their agenda to marginalize appraisals, a plan that was already in place - now they are reaping what they sow because their own AVM's or their crony AVM's done by their list of AMCs can be scrutinized for bias as well - the idea that "bias" is embedded in the data.

Lol, might make them go back to using appraisals since it offers a scapegoat for it ( sarcasm ) - the idea that homeowners have lost "equity" from "low" valuations is absurd because you can not force buyers to pay more for a property then they actually are willing to pay - note the bias suits were refinancing s because that can be more subjective ( so they claim) since there is no actual market exposure and contract sale price to benchmark against.

An overvalued refinance might seem like it helps people but if they end up underwater on a mortgage/at some point need to sell for less than the mortgage amount long term it was not helpful.