Homogeneous banned from the appraisal lexicon

[KYLECODY]

None of these words have any place in an appraisal report.

Age? As in age restricted neighborhood. Very common here and important to note. Tough to call the older, age restricted ones without golf, rec facilities, clubhouse, etc "active adult communities" when most occupants are anything but.

 

[glenn walker]

Didn't read through all the comments, but I received an email recently from a client (MaxVantage - I like them, smaller AMC, however got bought out from Dart)
Anyway this is part of the email I received:
"Several of our bank clients have communicated to us that they need us to update our review process regarding a few issues that are triggering audits and/or compliance reviews on their end. We’d like to outline them here and point out steps we all need to take to avoid these issues..."

"...In response to recent regulatory attention to the matter, lenders are focused on any perception of bias and/or discrimination in the lending process. We want to make sure we are doing everything we can to avoid any perception in our combined work. We are forwarding a list of words that have been identified as having potential fair lending/bias issues. Please read the list at the bottom of the memo and follow the recommendations within"

"...We suggest that you have controls in place to check for these keywords in every report, or that you implement controls ASAP. If you have any questions or concerns related to this, do not hesitate to contact us"
This is the list:

African , african American, age, alaska native, american Indian, Asian, baby, bad credit, binary, bisexual, black

Blind, buddhist, bullets, catholic, Caucasian, childbearing, children, Chinese, Christian, church, citizen

Colored, crime, crime-ridden, crippled, DACA, deaf, desirable, desirable area, desirable environment

desirable location, desirable market, desirable neighborhood, disabled, discrimination, diverse

ethnic, ethnically, ethnicity, European, exclusive, female, food stamps, foreign, foreigner, fraud

gang, gay, gender, gentrification, ghetto, good neighborhood, good location, graffiti, high crime, hindu

Hispanic, hoarder, hoarding, homeless, homosexual, immigrant, Indian, integrated, islam, Islamic

Jewish, latino, lesbian, lgbtq, low income, marital status, married, maternity leave, Mexican, middle eastern

Mosque, muslim, national origin, nationality, native, native American, native Hawaiian, negro, no pride of ownership

non-binary, old, one parent, pacific islander, paternity leave, poor neighborhood, pregnant, pride , pride of ownership

projects, public assistance, public housing, queer, race, racial, religion, retired, senior, ,sex, singles

slum, social security, Spanish, spouse, students, synagogue, temple, transgender, transient

undesirable, undesirable area, undesirable environment, undesirable location, undesirable market

undesirable neighborhood, unmarried, white, woman, women, young​

Thats quite a comprehensive list

I'm pretty sure it includes both you and I on there Glenn
You (Jewish) Me (Catholic) guess we shouldn't say that out loud tho Salut' my friend

There going to have to update this list a lot- I remember just 5 years ago " Gentrification " the the hip word in Los Angeles.

 

[shrubberyvaluation]

Agree except for "student". This one makes no sense.
I work in a college town. Student housing is a thing...with measurables specific to student housing.

How do you refer to how old that housing is without using the words 'old' or 'age'? Do you just say the house has existed for xx years?

 

[Artemis Fowl]

How do you refer to how old that housing is without using the words 'old' or 'age'? Do you just say the house has existed for xx years?

kk age too

 

[JeffSH]

Age? As in age restricted neighborhood. Very common here and important to note. Tough to call the older, age restricted ones without golf, rec facilities, clubhouse, etc "active adult communities" when most occupants are anything but.

Age-restricted isn't the same word as age.

"The subject is located in a 65+ age-restricted community"
vs
"Most people in the neighborhood are older in age"

 

[shrubberyvaluation]

Age-restricted isn't the same word as age.

"The subject is located in a 65+ age-restricted community"
vs
"Most people in the neighborhood are older in age"

I wonder if Fannie will take if off their new form. What will the new words for effective age and actual age be?

 

[JeffSH]

Bull, I dare you to show me a report that does not have age in the report that includes a dwelling and isn't a land report. Unless I misunderstood and you include words that have no place in an appraisal report. Yes most of them are obvious and are not in reports, but claiming you would never have some of in a report, I call BS.

Come on. It's painfully obvious that they're talking about human characteristics and not home characteristics.

 

[Vermonter]

Homogeneous is still used in modern writing.

I just checked my older boilerplate plagiarized from my mentor and it was in there. It was used in reference to what we DON'T have here....."Homogeneous housing"

 

[Artemis Fowl]

Age-restricted isn't the same word as age.

"The subject is located in a 65+ age-restricted community"
vs
"Most people in the neighborhood are older in age"

Kinda how I interpreted that one. Context should matter...but then we are talking about an AMC banned word list so logic may not apply


WTH?! I specifically did NOT capitalize AMC in my prior post (and here again)...some kinda autocorrect?

 

[Zoe]

You can go be stunning, brave, fierce, strong, and independent on your own time. But when you're writing appraisal reports for these lenders to use then their exposure to liability for what you're doing in an appraisal report becomes a thing. Their liability isn't something appraisers have a right to take lightly or trivialize.

As I understand it a couple of these situations have resulted in the borrowers getting paid off for wrongs they didn't even suffer in the first place. Not because they were right, but (ultimately) because the appraiser didn't provide their users with the means to debunk the allegations right from the outset. I would even go so far as to say these appraisers might as well have pulled the lever on the lotto machine.

I don't have a problem with that George.

I am saying let HUD renovate the whole system on truth in lending and HMDA data.

HUD has capability now to narrow the data to very small geographical areas from appraisers that are licensed and professionals.

Let HUD engage them. Commercial too if HUD is involved.