Neighborhood Description Do Not Reference Income

[Riick]

Bottom line -shame on me- is that I decided to cave.
"Subject's neighborhood is an area of complementary uses."

 

[J Grant]

? That's a generic statement which means almost nothing.

 

[Riick]

Exactly.

"The area of influence, commonly called a neighborhood, can be defined as a group of complementary land uses. A market area can encompass one or more neighborhoods. The term market area is more useful than neighborhood for several reasons:
• The broad term market area avoids the confusing and negative implications of other terms.
• A market area can include multiple neighborhoods"

 

[bnmappraisal]

...But at least the U/W should be happy and think they accomplished something!

 

[Dale Smalley]

LOL because nobody around here can actually afford a mortgage based on the average income.

 

[residentialguy]

The reviewer is an idiot. Income is a FACT.......and many commercial appraisals report census date which includes income, race and many other factors that are part of census tract data. Facts are facts. Facts are not discriminatory.

Isn't racial makeup of the neighborhood a fact that is part of census data?

 

[Terrel L. Shields]

Isn't racial makeup of the neighborhood

 

[ginna currie]

Isn't racial makeup of the neighborhood a fact that is part of census data?

Just because race is a part of the census data, it does not necessarily need to be in a report. The Fair Housing Act, Fair Housing Amendments Act were enacted to counter the various forms of discrimination(i.e. redlining) when it comes to mortgage lending to Blacks and other minorities in America.(Which is still prevalent today, sad to say.)

 

[Fritz in NY]

Red Lining again? Tell the UW to go to h**l. In fact in my market the UW NEVER requests anything
direct, it is always an assistant or something asking on behalf of the UW. Remember it is OUR report not their's.
No wonder we pay so much in lending costs.....

 

[CANative]

Isn't racial makeup of the neighborhood a fact that is part of census data?

It's not applicable to the appraisal process so there is no reason to include it.