Freddie Mac vs Appraiser Bias

[Tiffany Gibbons]

Interesting Statistics Women in Engineering

• There are over 192,270 engineers currently employed in the United States.
• 13.7% of all engineers are women, while 86.3% are men.

Engineer Demographics and Statistics [2025]: Number Of Engineers In The US

How many Engineers are in US? More than 228,911. Learn more about 2025 demographics based on factors such as age, race, sex, salary and location.

www.zippia.com

What percent of women make up the Healthcare

End of interactive chart. In 2021, 16.4 million women were employed in the health care and social assistance industry. This was 77.6 percent of the total 21.2 million workers in the industry.Mar 7, 2022

Over 16 million women worked in health care and social assistance in 2021

March is Women’s History Month, and this year’s theme is “Providing Healing, Promoting Hope.” We celebrate the amazing accomplishments of women who provide healing and hope by looking at women employed in the health care and social assistance industry.

www.bls.gov

Only 15% of nail technicians are male, where's the outrage? Are people rioting? Anyone can do anything they want for a living, it's just a little more difficult. You have to fight harder for respect in your field.

 

[glenn walker]

I wonder if the same holds true for grumpy old men appraisers that hate women, are you biased in your valuations, lol

No because my testosterone levels drop to almost zero and they are already so low , So I become like a lap dog and I treat her like I would have treated my mother or grandmother. The Highest Value is the best value because when I get home im going to get a big verbal Slap Down

 

[djd09]

trust elmo the craigslist inspector

 

[Dale Floyd]

I chuckle and quiver at the same time when I ponder our society‘s culture shifts over my years as a GenX. It is praised when a business sings that it is a business of all women, all black, all Asian, LBTGQ++ friendly, etc. It would be considered a bigoted or racist business to say it is all men, all white, straight friendly, etc - even if it is true or legal.

There will come a time when we are either completely overtaken in civil war against each other, or perhaps we will cease all the finger pointing, criticism, woke mentality, and violence minded nonsense and just move on. I doubt the later, but fingers are crossed.

The accusations against our professions are hurtful, regardless of how ridiculous they are in fact. The poor appraiser in California will be completely vindicated of the racism charge against her, but the damage and branding will be ever lasting.

Just my observation - But it appears the present day GSEs who want to change us and the AI in its pursuit of PAREA dollars, will keep using the bias claims as reasons to push us into a business model that will affect us all, instead of defending us. They could do both, but they won’t.

Why can’t people just do the right things for right reasons anymore? Why can’t we just tell the truth? If the GSEs want to force their wills for cheaper and faster, why not just say that instead of using “ this will eliminate bias in appraisals“ as their foundation? Why won’t the AI just say they want to introduce PAREA because of the federal education dollars they seek instead of saying “we want to bring more diversity and inclusiveness into the profession“ angle?

 

[djd09]

Veros Economists Find No Evidence of Racial Bias in Its AVM​

Veros Real Estate Solutions (VEROS®), an industry leader in enterprise risk management and collateral valuation services, released new research that finds no evidence of racial bias in its VeroVALUE Automated Valuation Model (AVM). This validation provides an important quality control check for lenders seeking tools to identify potential racial bias in home valuations.

VeroVALUESM is an AVM derived from high-quality data, industry leading models, and predictive technologies, all resulting in first-rate accuracy. An in-depth analysis of the VeroVALUE AVM was conducted across five housing markets, including Chicago, Atlanta, Houston, Los Angeles and Philadelphia, which were selected because of their diverse populations. By studying a wide range of cities, Veros reinforced the conclusion from its first report that its AVM did not display racial bias.

The study utilized neighborhood racial compositions to determine if a correlation existed between the percentage of Black, Hispanic, Asian and White populations and the number of properties in the area that were undervalued or overvalued by more than 15%.

The findings were consistent in all five cities, which revealed no evidence of racial basis in the VeroVALUE AVM. The study showed that the proportion of properties undervalued by more than 15% had no correlation with the proportion of Black or Hispanic populations in a neighborhood.

Through an extensive analysis of the VeroVALUE AVM, the findings suggest that bias tested AVMs can be leveraged to provide a quality control check to identify potential undervaluation related to bias. A properly tested professional-grade AVM, such as VeroVALUE, can be an innovative solution in the housing industry to appropriately flag any potential instances of bias and ensure fair home valuations.

“It is crucial to utilize professional-grade AVMs that can help identify potential racial bias in home valuations and to flag concerns of potential undervaluation of minority-owned properties,” said Eric Fox, Chief Economist at Veros. “Proven solutions like VeroVALUE give the housing market a precise, accurate and non-biased solution that is built on quality data.”

https://www.valdostadailytimes.com/ap/business/veros-economists-find-no-evidence-of-racial-bias-in-its-avm/article_02a0f7d2-5c1b-5121-8067-3b3ff97ed7e3.html

the punch line

 

[djd09]

Veros Economists Find No Evidence of Racial Bias in Its AVM​

Veros Real Estate Solutions (VEROS®), an industry leader in enterprise risk management and collateral valuation services, released new research that finds no evidence of racial bias in its VeroVALUE Automated Valuation Model (AVM). This validation provides an important quality control check for lenders seeking tools to identify potential racial bias in home valuations.

VeroVALUESM is an AVM derived from high-quality data, industry leading models, and predictive technologies, all resulting in first-rate accuracy. An in-depth analysis of the VeroVALUE AVM was conducted across five housing markets, including Chicago, Atlanta, Houston, Los Angeles and Philadelphia, which were selected because of their diverse populations. By studying a wide range of cities, Veros reinforced the conclusion from its first report that its AVM did not display racial bias.

The study utilized neighborhood racial compositions to determine if a correlation existed between the percentage of Black, Hispanic, Asian and White populations and the number of properties in the area that were undervalued or overvalued by more than 15%.

The findings were consistent in all five cities, which revealed no evidence of racial basis in the VeroVALUE AVM. The study showed that the proportion of properties undervalued by more than 15% had no correlation with the proportion of Black or Hispanic populations in a neighborhood.

Through an extensive analysis of the VeroVALUE AVM, the findings suggest that bias tested AVMs can be leveraged to provide a quality control check to identify potential undervaluation related to bias. A properly tested professional-grade AVM, such as VeroVALUE, can be an innovative solution in the housing industry to appropriately flag any potential instances of bias and ensure fair home valuations.

“It is crucial to utilize professional-grade AVMs that can help identify potential racial bias in home valuations and to flag concerns of potential undervaluation of minority-owned properties,” said Eric Fox, Chief Economist at Veros. “Proven solutions like VeroVALUE give the housing market a precise, accurate and non-biased solution that is built on quality data.”

https://www.valdostadailytimes.com/ap/business/veros-economists-find-no-evidence-of-racial-bias-in-its-avm/article_02a0f7d2-5c1b-5121-8067-3b3ff97ed7e3.html

the punch line

Veros Real Estate Solutions

Home

www.appraisalfoundation.org

TAF/IAC_List_of_Members.aspx

i cant stop laughing

 

[ucbruin]

"I chuckle and quiver at the same time when I ponder our society‘s culture shifts over my years as a GenX. It is praised when a business sings that it is a business of all women, all black, all Asian, LBTGQ++ friendly, etc. It would be considered a bigoted or racist business to say it is all men, all white, straight friendly, etc - even if it is true or legal."

"Dog bites man is not news"....
"Man bites dog is news"....

When "man bites dog" starts to be considered part of the norm....
It won't be considered news....

 

[Tiffany Gibbons]

I chuckle and quiver at the same time when I ponder our society‘s culture shifts over my years as a GenX. It is praised when a business sings that it is a business of all women, all black, all Asian, LBTGQ++ friendly, etc. It would be considered a bigoted or racist business to say it is all men, all white, straight friendly, etc - even if it is true or legal.

There will come a time when we are either completely overtaken in civil war against each other, or perhaps we will cease all the finger pointing, criticism, woke mentality, and violence minded nonsense and just move on. I doubt the later, but fingers are crossed.

The accusations against our professions are hurtful, regardless of how ridiculous they are in fact. The poor appraiser in California will be completely vindicated of the racism charge against her, but the damage and branding will be ever lasting.

Just my observation - But it appears the present day GSEs who want to change us and the AI in its pursuit of PAREA dollars, will keep using the bias claims as reasons to push us into a business model that will affect us all, instead of defending us. They could do both, but they won’t.

Why can’t people just do the right things for right reasons anymore? Why can’t we just tell the truth? If the GSEs want to force their wills for cheaper and faster, why not just say that instead of using “ this will eliminate bias in appraisals“ as their foundation? Why won’t the AI just say they want to introduce PAREA because of the federal education dollars they seek instead of saying “we want to bring more diversity and inclusiveness into the profession“ angle?

Or the GSEs and Lenders just admit they want to eliminate appraisers period for getting in the way of their shady deals? And the best way to do it is get rid of all presently licensed appraisers except the ones who will play along (sign anything and put their license number on it) and also make sure no one of any gender, race, color, creed, etc. will ever want to be in the profession, PAREA or not, by taking away everything any appraiser ever liked about the profession, including being a good way to make a living.

 

[TerryRohrer]

Veros Economists Find No Evidence of Racial Bias in Its AVM​

Veros Real Estate Solutions (VEROS®), an industry leader in enterprise risk management and collateral valuation services, released new research that finds no evidence of racial bias in its VeroVALUE Automated Valuation Model (AVM). This validation provides an important quality control check for lenders seeking tools to identify potential racial bias in home valuations.

VeroVALUESM is an AVM derived from high-quality data, industry leading models, and predictive technologies, all resulting in first-rate accuracy. An in-depth analysis of the VeroVALUE AVM was conducted across five housing markets, including Chicago, Atlanta, Houston, Los Angeles and Philadelphia, which were selected because of their diverse populations. By studying a wide range of cities, Veros reinforced the conclusion from its first report that its AVM did not display racial bias.

The study utilized neighborhood racial compositions to determine if a correlation existed between the percentage of Black, Hispanic, Asian and White populations and the number of properties in the area that were undervalued or overvalued by more than 15%.

The findings were consistent in all five cities, which revealed no evidence of racial basis in the VeroVALUE AVM. The study showed that the proportion of properties undervalued by more than 15% had no correlation with the proportion of Black or Hispanic populations in a neighborhood.

Through an extensive analysis of the VeroVALUE AVM, the findings suggest that bias tested AVMs can be leveraged to provide a quality control check to identify potential undervaluation related to bias. A properly tested professional-grade AVM, such as VeroVALUE, can be an innovative solution in the housing industry to appropriately flag any potential instances of bias and ensure fair home valuations.

“It is crucial to utilize professional-grade AVMs that can help identify potential racial bias in home valuations and to flag concerns of potential undervaluation of minority-owned properties,” said Eric Fox, Chief Economist at Veros. “Proven solutions like VeroVALUE give the housing market a precise, accurate and non-biased solution that is built on quality data.”

https://www.valdostadailytimes.com/ap/business/veros-economists-find-no-evidence-of-racial-bias-in-its-avm/article_02a0f7d2-5c1b-5121-8067-3b3ff97ed7e3.html

the punch line

How do they establish "the" value from which to measure overvaluation or undervaluation?

 

[Tiffany Gibbons]

How do they establish "the" value from which to measure overvaluation or undervaluation?

Probably built it from VA appraisal data since Veros is their automatic underwriting tool. It gives "high alerts" if the square footage varies from public records, I've noticed. But the SARs know the public data is unreliable so they don't question the appraiser about it (anymore). Noticed the foundation is pushing information for Veterans becoming appraisers and "resources for Veterans".