PAREA Update

[djd09]

Atlanta tapped for Wells Fargo grant to diversify home appraisal industry​

“Racial discrimination in the home appraisal industry is a significant barrier to economic equity,” National Urban League President and CEO Marc H. Morial said in a statement. “We’re proud to partner with Wells Fargo on this innovative project to open the doors of opportunity and bring a much-needed new approach to diversity, equity, and inclusion that we hope will serve as inspiration to others in the field and beyond.”

Atlanta tapped for Wells Fargo grant to diversify home appraisal industry

Atlanta has been selected to participate in a program to reduce barriers to the home appraisal industry.

www.ajc.com

wells fargo

 

[chad hampton]

Nice to see a highly ethical company like Wells Fargo coming to the rescue

 

[djd09]

Wells Fargo, Back in the Hot Seat, Could Face Over $1B in Fines​

The nation's third-largest bank has for years been embroiled in investigations and ethical breaches.
Cara Smith
Nov 23, 2022

Wells Fargo appears to be back in the crosshairs of federal regulators, with Bloomberg reporting this month that the bank is expected to be fined more than $1 billion by the Consumer Financial Protection Bureau to settle investigations into its business practices.

Details on these inquiries were not made available, and the CFPB and Wells Fargo declined to comment to NerdWallet. However, in a filing with the Securities and Exchange Commission made in late October, Wells Fargo said it’s in “resolution discussions” with the CFPB on investigations regarding automobile lending, consumer deposits and mortgage lending.

Wells Fargo and the CFPB​

This is hardly the start of Wells Fargo’s run-ins with the CFPB and other federal regulators. The bank’s fake accounts scandal — in which Wells Fargo admitted in 2016 to creating millions of fraudulent accounts for customers without their consent — was followed by a string of CFPB reprimands and other federal actions.

Wells Fargo, Back in the Hot Seat, Could Face Over $1B in Fines - NerdWallet

The nation's third-largest bank has for years been embroiled in investigations and ethical breaches.

www.nerdwallet.com

serving the public trust...and their for profit needs at the same time

 

[djd09]

Wells Fargo Bank sued for race discrimination in mortgage lending practices​

A class-action lawsuit against Wells Fargo Bank alleges accusations of discriminatory residential mortgage policies and lending practices against its Black customers.

The lawsuit filed April 14 in the Northern District of California states the bank approved more white borrowers for a mortgage loan compared to Black applicants in 2020 when the federal CARES Act created by the COVID-19 pandemic prompted historically low interest rates.

It also alleges that Black clients, including those with high credit scores, were given an average interest rate of 3.34% compared to 3.23% for white borrowers.

Plaintiffs are seeking $5 million in damages, the lawsuit states. They are being represented by Tallahassee attorney Ben Crump of Ben Crump Law and co-counsel Linda Friedman and Suzanne Bish of Stowell & Friedman in Chicago.

"Wells Fargo says its mission is helping customers succeed financially," said Crump, during a press conference Monday in Atlanta. "They're not helping Black Americans succeed financially when they engage in a pattern of practice of corporate behavior that denies financial opportunities to customers and charges more for the same services than they charge white customers."

https://www.usatoday.com/story/money/2022/04/26/wells-fargo-being-sued-discriminating-against-black-borrowers/7451521001/

 

[djd09]

'We've got work to do': NC appraisers seek to diversify industry as 95 percent are white​

RALEIGH, N.C. (WTVD) -- When Floyd Wicker became an appraiser almost 30 years ago, he couldn't imagine the eye-opening journey ahead.
"I've had people refuse to let me in the house to appraise the house because I was Black. On the other side, I've had people say 'oh my god' you're Black. I've never seen a Black appraiser," said Wicker. " That's why the profession should reflect the population."

Wicker, 82, calls himself the oldest Black appraiser in North Carolina, and he's working to bring more diversity to the industry.

"There's been a lot of conversation about diversity and racism in appraising nationally," said Wicker. "Try to identify the minority appraisers in North Carolina and see if we can get them to come together for a meeting and talk about the things we face as minorities in the profession.

National numbers show in North Carolina white appraisers make up 95 percent of the industry. Appraisers that identify as Black or Hispanic make up just four percent total, but those groups account for 30 percent of the state's population.

"We've got some work to do," said Julia Matteson Mcintosh.

She is part of Floyd's group of appraisers providing support to one another. In her spare time, she offers classes in her home for new trainees interested in learning about the industry. Mcintosh says there's plenty of hurdles that keep minorities from getting into the business like the need for supervisors.

"I would like to say that what I'm doing is valuable to the industry because I'd like to say it's going to produce more minority appraisers," she said.

Mcintosh says a lack of funding and resources also plays a major role in limiting representation. Wicker believes it also comes down to community support.
"Years ago, when there was a lack of female appraisers somebody in the industry wanted to increase the effort and everybody got behind that effort," said Wicker. "I think if the same orgs get behind now, we can increase the minority appraisal population.

'We've got work to do': NC appraisers seek to diversify industry as 95 percent are white

"We've got some work to do"

abc11.com

wells fargo will gladly help...right after they pay another billion for mortgage lending discrimantion

 

[djd09]

Wells Fargo Seeks To Dodge NC Race Discrimination Suit​

Wells Fargo Seeks To Dodge NC Race Discrimination Suit - Law360

Wells Fargo Bank NA asked a North Carolina federal judge to dismiss a discrimination lawsuit alleging it intentionally undervalued a Black couple's home during an appraisal, asserting that many of the couple's claims aren't violations of anti-discrimination laws.

www.law360.com

it aint easy to straddle both sides of the fence. the iac must be so proud


Wells Fargo Bank

IAC

www.appraisalfoundation.org

 

[J Grant]

When VP Harris used the 'equity' word on who should get help first from Hurricane Ian, I thought, that sounds familiar. And I wondered how "equity" will work in appraising. So will all appraisals need "equity" consideration or just some properties (and how will that be determined). And how will the appraiser know this is an "equity" situation, since we typically don't know or meet the borrower, and the seller isn't necessarily the "buyer." I'm just curious how PAVE is going to accomplish their equity goal.

Why did you use the misleading title about PAREA, when the tread was an excuse to vent your never ending bile about issues you are obsessed with. PAREA is an education program to teach appraising and has nothing to do with your fear mongering wrt equity actually becoming part of appraisal practice.

 

[djd09]

Opteon AMC Receives Proof-of-Concept Approval and Green Light to Move Forward with PAREA Program Development​

This first-in-industry approval paves the way for Opteon's PAREA program development

SCOTTSDALE, Ariz., May 12, 2022 /PRNewswire/ -- Opteon AMC, a top nationwide appraisal management company (AMC), is the first privately-held AMC to receive proof-of-concept approval from the Appraisal Foundation Appraiser Qualifications Board (AQB). This first-in-industry approval paves the way for Opteon's Practical Applications of Real Estate Appraisal (PAREA) from concept to program development.

This first-in-industry approval paves the way for Opteon's PAREA program development

PAREA provides an alternative pathway for aspiring appraisers to fulfill their experience requirements by taking advantage of innovative technology, thus solving the historical barrier of finding a supervisor to dedicate years to field training and supervisory efforts. After required classroom instruction, through Opteon's advanced technology, visual learning solutions, deployment of virtual reality, and one-to-one mentor support, students will capture required field experience and learn report writing inside a controlled environment. With real-world simulations via PAREA, the experience hours to become an appraiser can be reduced by 2-to-3 years and completed at a comfortable learning pace driven by the participant.


"This is just another way Opteon is leading the charge of innovation," said Chris Knight, Group CEO of Opteon. "Through PAREA, we're training the next generation of appraisers in an innovative environment. The incoming generation of appraisers will be forward-thinking and inventive—which is exactly what our industry needs."

Upon completion and appropriate approvals, the program development provides Opteon the ability to better service their lender customers by the expansion of their panel depth in all areas—from urban to the most rural of locations. Additionally, this opportunity allows Opteon to lend even deeper support to Fannie Mae's ongoing Appraiser Diversity Initiative efforts, and similar efforts through grants in support of scholarship winners.

"This is directly aligned with Opteon's initiative to combat the appraiser shortage. Rather than stand idle, we are actively looking for ways to grow the appraiser community," said Tom Schurer, Senior Vice President of Appraiser Engagement. "This approval is a great win for both prospective appraisers and the appraisal industry."

Opteon clients and appraisers can expect forthcoming updates throughout the program development.

https://finance.yahoo.com/news/opteon-AMC-receives-proof-concept-160000715.html

another proud member of taf iac but hurry up future appraiser, the rates are rising and so are waivers suckers

 

[Non Sequitur]

The incoming generation of appraisers will be forward-thinking and inventive—which is exactly what our industry needs."​

And make no mistake, the incoming "generation" will be trained to do what the AMC wants them to do.

Thanks for posting the link, we still have appraisers who don't believe PAREA is charging forward.

 

[ucbruin]

And make no mistake, the incoming "generation" will be trained to do what the AMC wants them to do.

Thanks for posting the link, we still have appraisers who don't believe PAREA is charging forward.

Not "don't believe"....
More like, "don't care"....