Shane Lanham's court case re: a black couple suing him for bias, and him fighting back.

[RCA]

You mean 100+ sales. They're not comps.

Who says? The regression model is based on the input data, which are sales transactions that may go back many years, and may cover a large market area. But given the power and flexibility of MARS, useful information can be extracted from them so they are all being compared to each other to create a model - and they all have equal weight (unless I choose otherwise). The transaction dates which may extend into the past 20 years, will have the time factor extracted as a regression variable, so, essential as we draw near the current effective date, the latest sales will have the most weight. But some properties have rare features tha appear in sales maybe once every several years. The ability of MARS to extract values from the rare features is one of its strengths.

Now, you might define "Sales Comparable" as only a sale you choose to put in the Sales Grid. But I may use a very old sale to support a value adjustment on some rare feature in addition to required Sales Comparables. As far as I am concerned, all 100+ sales comparables are candidates for the Sales Grid, if there is some good reason to put them in. I regard all sales transactions that go into the creation of a value model as "sales comparables." What goes into the Sales Grid are "Display Comparables."

Appraisers choosing say 6 more similar comps and reconciliating which are given more value are better in accurate valuation than current computer models.

Your understanding of valuation only goes so far. That's fine. You are working in the realm of "traditional appraisal." You are only working within your limiting definitions and understanding. I presume some appraisers, not many, can see beyond such limitations.

 

[gregb]

When you have quality in appraisal world, with enough ideal comparables, quantity of extraneous data is showboating.

Joseph Stalin - Quantity has a quality all its own - quote - Quotees

Discover the profound meaning behind Joseph Stalin's famous quote, "Quantity has a quality all its own." Explore its implications, examine Stalin's life, work, and legacy, and gain a deeper understanding of the context in which this statement was made.

quotees.co.uk

 

[RCA]

When you have quality in appraisal world, with enough ideal comparables, quantity of extraneous data is showboating.

Joseph Stalin - Quantity has a quality all its own - quote - Quotees

Discover the profound meaning behind Joseph Stalin's famous quote, "Quantity has a quality all its own." Explore its implications, examine Stalin's life, work, and legacy, and gain a deeper understanding of the context in which this statement was made.

quotees.co.uk

All comparables with accurate and relevant data are ideal comparables. Good regression will be able to discover the value of the different features through thousands upon thousands of calculations, systematical, accurately and pricely calculated based on proven mathematical relationships to an extent not even possible by a team of mathematicians - in such a short time.

 

[jay trotta]

According to ChatGPT:
This motion for summary judgment seeks a ruling on all counts brought by the plaintiffs. The defendants are asking the court to dismiss the entire case by arguing that there are no genuine disputes over material facts and that they are entitled to judgment as a matter of law on each of the plaintiffs’ claims. Specifically, they address both the Fair Housing Act (FHA) claim and Civil Rights Act claims, aiming to show that there is no direct or indirect evidence of discrimination and that all actions were based on legitimate, nondiscriminatory appraisal practices.

Agree, Side note;
with an application to refinance their mortgage, Defendants conducted an appraisal of Plaintiffs ’home on June 14, 2021 and returned an estimated market value of $472,000, or a 7.815% increase in value. loan Depot denied Plaintiffs’ request to refinance their mortgage. Seven months later, in connection with another application to refinance their mortgage with Rocket Mortgage, Plaintiffs conducted a “whitewashing” experiment whereby they removed evidence that an African-American family lived in the home, and decorated the home to give the impression that a White family lived there. On January 18, 2022, an appraiser Daniel Dodd appraised Plaintiffs’ home and returned an estimated market value of $750,000. Plaintiffs were able to refinance through Rocket Mortgage.

IMO- without looking at anything else, (adjustments) 1) has there been a similar increase in value, anywhere in Baltimore in a 7-month period?? 2) OR on a 6-lane busy roadway?

“whitewashing” experiment - so a "bait & switch" (deceptive & misleading) application is ok under FHA/HUD??

 

[djd09]

There is no prosecution side, this is civil not criminal.

wire fraud is criminal

 

[TerryRohrer]

“whitewashing” experiment - so a "bait & switch" (deceptive & misleading) application is ok under FHA/HUD??

You can bet this entrapment after the fact was paid for through a HUD grant to activist to achieve this very end.

 

[James Mic]

Re: Appraiser Shane Lanham's discrimination case. I'm sure most are aware a couple of years back, Shane was sued by a couple for bias. LoanDepot (a co-defendant) settled with the couple instead of fighting. Shane knew his report was spot on, so he chose to fight and even countersued the couple. His E&O does not cover much (I guess few do in a biased case), and he has a GoFundMe page to help continue his fight. He is taking one for the team, and this could happen to any of us. I just donated to help his cause. If you can, I urge you to support this gentleman fighting for appraisers. His GFM is gofundme.com/f/raise-funds-for-trial.
With my inexperience in GFM, I didn't realize that unless you change it, GFM puts in an auto tip for developing GFM. I didn't want to pay that; it says you don't have to. When/if you donate, when you click your $ amount or input a custom one right below, it says something about a tip. Bring that slide bar over to the left, which will be $0 for a tip. Then continue, and your full fee will go to him. Thank you, Carol

Typical borrowers looking for a free meal with all this woke stuff. Probably be. They shake down corporations for money or threaten to protest. Now they want to say not enough minority appraisers due to blah blah. But it takes years to make an appraiser with all qualifications. Now they want to dumb down the qualifications. If it were the other way around in a foreclosure, they would say you over appraised the property to commit loan fraud and put them in financial dire straits due to your appraisal. A bunch of bs , people looking for free money. Pay and get a second appraisal

 

[djd09]

im surprised the USPAP cheerleaders are copying and pasting sections to help him....useless

 

[Terrel L. Shields]

Motion for summary judgement can go 2 ways. Dismissed, or granted. Then that goes 2 ways when granted. Granted and allow the plaintiff to refile an amended complaint or dismissed permanently. The plaintiff can respond to the summary judgement motion with a reply and probably have to do so within 30 days. They are making a good argument so it might be dismissed permanently.

 

[shrubberyvaluation]

Motion for summary judgement can go 2 ways. Dismissed, or granted. Then that goes 2 ways when granted. Granted and allow the plaintiff to refile an amended complaint or dismissed permanently. The plaintiff can respond to the summary judgement motion with a reply and probably have to do so within 30 days. They are making a good argument so it might be dismissed permanently.

I don't think the persecution will let up.