The dismantling of PAVE

[glenn walker]

Just as not all appraisers are biased....
Not all borrowers will accuse appraisers of bias....
Just do your jobs without coming across as bias....

If Al Sharpless or Jesse Jacket calls remember the question is what value best serves your needs ? Lol )

 

[ucbruin]

Other than Terrel....
No one else on the forum has admitted to being sued....
And Terrel wasn't sued for bias....

 

[djd09]

Army Sends Letter to Pro-Life Groups Apologizing for Referring to Them as ‘Terrorists’ During Training Under Biden​

“Let me be clear, the Army does not consider Operation Rescue, National Right to Life, and other pro-life groups to be terrorist organizations,” he said. “Further, the Army does not view pro-life beliefs or state-issued pro-life license plates as indicators of terrorism.”

“Also, we thank you for standing up against the Leftist ideology that had been infecting our military branches and bogging down our warfighters, often cloaked in the bureaucratic morass. We know you have a lot of work to do, and that you took time to address this – not just in response to an oversight function of Congress, but directly to our client who was among those harmed – confirms your commitment to the values for which you fight.”

Army Sends Letter to Pro-Life Groups Apologizing for Referring to Them as 'Terrorists' During Training Under Biden | The Gateway Pundit | by Margaret Flavin

The Gateway Pundit reported that during Joe Biden’s regime, the Defense Department categorized pro-life organizations as “terrorist organizations” during an anti-terrorism briefing held at Fort Bragg’s Directorate of Emergency Services, formerly known as Fort Liberty.

www.thegatewaypundit.com

an apology from all of the unethical stakeholders would be a good start...but dont hold your breathing waiting for these narcissist to do the right thing

 

[Surf Cat]

Nobody is coming to save appraisers.

That's right. So you can't just "forget them". Once you go to that certain neighborhood and call out deferred maintenance of siding having cracked and peeling paint or worn and soiled kitchen cabinetry and flooring....."Oh, he's biased..... and doesn't want me to acquire the loan because of my race".

It has appraisers walking on eggshells and thinking "don't call it out, I'll get in trouble". Which... is being biased in itself.

The narrative is out there, you just can't shove the genie back in the bottle.

 

[Surf Cat]

Just as not all appraisers are biased....
Not all borrowers will accuse appraisers of bias....
Just do your jobs without coming across as bias....

That's like playing Russian roulette.... now it's always in the back of the Appraiser's mind.... The Narrative is out there and you can't undo it.

 

[Surf Cat]

Other than Terrel....
No one else on the forum has admitted to being sued....
And Terrel wasn't sued for bias....

Mjapz is being dragged through it. He's a smart guy too.... he hasn't been commenting here for some time. I wonder why?

 

[ucbruin]

That's like playing Russian roulette.... now it's always in the back of the Appraiser's mind.... The Narrative is out there and you can't undo it.

I'm guessing that appraisers who don't live in the AF echo chamber....
Are barely to aren't even aware of these issues....
If I didn't participate on the AF I wouldn't know the names of appraisers Miller and Lantham....

 

[djd09]

How will PAREA, ANSI, PAVE and modernization impact the industry?​

Senior Vice President/Chief Risk Officer Dean Kelker said technology will be one element that helps mitigate appraisal bias as automated tools can take some of the subjective interpretation of the data out of the valuation process.

“According to the findings of the PAVE Task Force, there are a number of other areas that need to be addressed to reduce the incidence of appraisal bias, including the training of appraisers, increased recruitment of diverse appraisers, and greater oversight of the appraisal review and reconsideration of value processes, to name a few,” he said. “As previously mentioned, appraisal bias is a much more complex issue than many people realize due to things like historical redlining. The modernization program is a step in the right direction, however. It will definitely reduce the opportunity for bias in the valuation process, especially in the situations where technology products are employed.”

As to whether selected technology enhances the objectives introduced by way of PAVE, and assures fair value, Damien Weldon, Black Knight’s vice president of valuation products and analytics, and John Holbrook, Black Knight’s vice president of strategy – valuations, had these observations.

“Our (Black Knight) Risk Profiler Plus product does a comps analysis looking at the racial composition (based on Census data) of where subject property is situated compared to where the comps are located,” Weldon said. “We provide indicators of where the potential for bias may exist. PAVE is about changing the valuation landscape from a racial bias perspective, and the first aspect of that is being able to identify where a potential problem exists.”​

“Data-enabled analytics deliver insights and intelligence around appraisal bias risk, at speed and at scale,” Holbrook said. “AVMs combined with Census data can draw out new insights to where bias may or may not exist. Mobile technology that collects data using AI to objectively identify condition and quality will help remove bias.

“Modeling tends to be consistent, and consistency is how you remove bias,” Holbrook added.

Furthermore, Black Knight said, the depth and breadth of data being collected with mobile tech will provide more than sufficient data to an appraiser to do a desktop or hybrid appraisal.

Regulatory environment

Steinley shared his thoughts with regards to regulations.

“We’re anticipating an active regulatory environment, with the PAVE action plan in the implementation phase, including several pertinent guidance and regulatory initiatives already underway,” he said. “These include efforts to improve consumer disclosure and lender processes relating to reconsiderations of value and appraisal appeals; appraiser diversity; and automated valuation model quality control standards. Outside of PAVE, we anticipate the VA to engage in some cursory regulatory activity relating to a recent enacted law focusing on desktop and waiver policies; and the Internal Revenue Service will be implementing a new law relating to syndicated conservation easements.”

“The PAVE objectives focus on removing unnecessary subjectivity from the appraisal process. Mobile inspection apps using digital capture technology satisfy that objective and can create greater consistency across multiple geographic regions,” Clear Capital Executive Vice President of Strategy & Growth Kenon Chen said.

As to the ANSI standards (measurements) established by Fannie Mae, Chen outlined how this particular method of determining value will take more shape in 2023.

“ANSI standards continue to be adopted in appraisal modernization programs. The process of vetting and approving technology providers for GSE inspection-based waiver programs is another way to ensure that ANSI standards are built into approved technology for use by appraisers and data collectors,” Chen said. “The PAVE objectives focus on removing unnecessary subjectivity from the appraisal process. Mobile inspection apps using digital capture technology satisfy that objective and can create greater consistency across multiple geographic regions.”

How will PAREA, ANSI, PAVE and modernization impact the industry? | News | Valuation Review

Initiatives like PAREA and emerging technologies including artificial intelligence, computer vision and machine learning may prove to be "game changers" in the appraisal industry, according to industry leaders. Read on to learn how advancing technology will impact the profession. Part of the...

www.valuationreview.com

and a spoon full of sugar helps the medicine go down...

 

[djd09]

I think all these themes will be back with a (literal) vengeance the next time America elects another Democrat back into POTUS. And that it's smarter for appraisers to proceed accordingly regardless of their politics.

tell him...the ship has sailed

 

[Tawfik Ahdab]

Djd09,

Thanks for the quotation.

In her comments, HUD Acting Secretary Adrianne Todman said, “Today’s historic agreement will help build a class of appraisers based on what they know instead of who they know.”

This comment, if true , is the most inane statement by a HUD official I have ever read. It is so out of touch and missing of the mark that there are no words to describe the level incompetence they reflect of that person.

Which persons or organizations of influence do appraisers know who actually help them?

None.