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Freddie Mac Says We Need to Lower Appraisal Cost

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Tom D said:
don't look at the billions we make, look at the hundreds they make. this is the game of the rich & powerful in our world. and it has never changed. we can talk about it, and cry about it, etc. if you aren't happy, then find a better way to make money. yapping about the past problems we saw coming, changed nada. this thread is invisible. appraisers, well at least a good portion, are smart people. figure a better path and stop complaining. or live with you karma.
Click to expand...
You reap what you sow. It is law of the harvest. You sow to the flesh or you sow to the spirit
 
You can sow to both flesh and spirit. You still reap what you sow. Law of the harvest, One sow is temporary. One sow is eternal.
 
Freddie may be next witness before the CFPB. Be a good choice for CFPB.

I know who Rohit will go after.
 
Joan will be sick. She can't appear.
 
Fannie patting itself on their back for DEI:


"The 2022 Equitable Housing Finance Plan Performance Report
21
• Black borrowers refinancing their home on average received a slightly lower appraisal value
relative to automated valuation models.
• Homes owned by white borrowers were more frequently overvalued than homes owned by Black
borrowers.
• Six states, including Georgia, Louisiana, South Carolina, North Carolina, Mississippi, and Alabama,
accounted for nearly 50% of the overvalued homes of white owners in majority-Black
neighborhoods.
This research has helped inform Fannie Mae’s efforts to increase the number of accurate and unbiased
appraisals lenders submit to help remedy the legacy of racial inequities in the housing market. The
working paper concluded that modernizing the appraisal process, as well as fostering diversity in the
appraisal workforce, are two ways the housing industry can help minimize the chance of racial bias in
home valuation.
....................
Action: Execute SPCP Pilots to help support the expansion of homeownership eligibility and
availability of down payment assistance (DPA), while exploring ways to reduce SPCP
participation hurdles for lenders.
Action: Execute SPCP Pilot to support the reduction of borrower closing costs for Black
homebuyers via appraisal products, appraisal reimbursements, and/or title products.
....................
In 2022, Fannie Mae engaged with over 600 aspiring appraisers working through the National Urban
League’s affiliate Entrepreneurship Centers, hosting seven workshops and eight higher education
outreach events (including five historically Black colleges and universities (HBCU)). ADI awarded 330
scholarships, exceeding our goal by 65%. (Complete demographic data on the awardees is not available.)
ADI also secured 11 new industry sponsors, exceeding the goal of five new sponsors in 2022. This brings
the total ADI sponsors to 20."
...............
The Collateral Underwriter® (CU®) undervaluation flag, a new awareness data point that complements the
CU overvaluation flag, was released on June 24th.The undervaluation flag is an additional tool to help
lenders identify and investigate potential misvaluation. If an appraisal is flagged as potentially
undervalued, lenders are notified and can then choose to review the appraisal. The flag is not evidence of
an undervaluation but is a cue to lenders to review appraisals as potentially inaccurate or incomplete.
The undervaluation flag is still in its early stages, and we continue to evaluate ways to make it a more
effective tool for lenders to identify potentially inaccurate appraisals."

Neverrmind that the income required to buy the 'average' home has gone for $46,000 to $100,000, mostly because of poor government policy decisions.
 
Mejappz said:
Meanwhile, they made 3 billion dollars in profit in the first quarter.:rof: The GSEs are taking the consumer to the cleaners. Talk about market interference. The smearing and disinformation of appraisers continue.

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$500? F me, I have not had a fee that low since the 2009-10 drought!
 
Elliott said:
Fannie patting itself on their back for DEI:


"The 2022 Equitable Housing Finance Plan Performance Report
21
• Black borrowers refinancing their home on average received a slightly lower appraisal value
relative to automated valuation models.
• Homes owned by white borrowers were more frequently overvalued than homes owned by Black
borrowers.
• Six states, including Georgia, Louisiana, South Carolina, North Carolina, Mississippi, and Alabama,
accounted for nearly 50% of the overvalued homes of white owners in majority-Black
neighborhoods.
This research has helped inform Fannie Mae’s efforts to increase the number of accurate and unbiased
appraisals lenders submit to help remedy the legacy of racial inequities in the housing market. The
working paper concluded that modernizing the appraisal process, as well as fostering diversity in the
appraisal workforce, are two ways the housing industry can help minimize the chance of racial bias in
home valuation.
....................
Action: Execute SPCP Pilots to help support the expansion of homeownership eligibility and
availability of down payment assistance (DPA), while exploring ways to reduce SPCP
participation hurdles for lenders.
Action: Execute SPCP Pilot to support the reduction of borrower closing costs for Black
homebuyers via appraisal products, appraisal reimbursements, and/or title products.
....................
In 2022, Fannie Mae engaged with over 600 aspiring appraisers working through the National Urban
League’s affiliate Entrepreneurship Centers, hosting seven workshops and eight higher education
outreach events (including five historically Black colleges and universities (HBCU)). ADI awarded 330
scholarships, exceeding our goal by 65%. (Complete demographic data on the awardees is not available.)
ADI also secured 11 new industry sponsors, exceeding the goal of five new sponsors in 2022. This brings
the total ADI sponsors to 20."
...............
The Collateral Underwriter® (CU®) undervaluation flag, a new awareness data point that complements the
CU overvaluation flag, was released on June 24th.The undervaluation flag is an additional tool to help
lenders identify and investigate potential misvaluation. If an appraisal is flagged as potentially
undervalued, lenders are notified and can then choose to review the appraisal. The flag is not evidence of
an undervaluation but is a cue to lenders to review appraisals as potentially inaccurate or incomplete.
The undervaluation flag is still in its early stages, and we continue to evaluate ways to make it a more
effective tool for lenders to identify potentially inaccurate appraisals."

Neverrmind that the income required to buy the 'average' home has gone for $46,000 to $100,000, mostly because of poor government policy decisions.
Click to expand...
Easy lending does this too. If people had to pay cash home prices would crash. Some majority black neighborhoods have like trendy white people in them that have renovated and updated housing more often whereas the black residents are more likely to have a home that is not updated and is minimally maintained and may have deferred maintenance. So yea on average the white people in these neighborhoods will have higher valued homes, and its not because they are white.
 
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