{"id":1480,"date":"2021-06-21T10:00:02","date_gmt":"2021-06-21T14:00:02","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1480"},"modified":"2024-04-25T23:20:00","modified_gmt":"2024-04-26T03:20:00","slug":"the-biden-administration-confronts-racial-bias-in-appraisals","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-biden-administration-confronts-racial-bias-in-appraisals\/","title":{"rendered":"The Biden Administration Confronts Racial Bias in Appraisals"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/administration-confronts-racial-disparities-in-appraisals.jpg\" alt=\"Happy family gathered in a kitchen preparing food. Captioned: Administration Confronts Racial Bias in Appraisals\" class=\"wp-image-1481\" width=\"375\" height=\"251\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/administration-confronts-racial-disparities-in-appraisals.jpg 500w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/administration-confronts-racial-disparities-in-appraisals-300x200.jpg 300w\" sizes=\"auto, (max-width: 375px) 100vw, 375px\" \/><\/figure><\/div>\n\n\n\n<p>Black-owned homes are regularly low-balled in appraisals.\nIt\u2019s been happening for generations. Now, the Biden administration is confronting\nthe issue. <\/p>\n\n\n\n<p>On June 1, 2021, the president said a new task force will deal\nwith race-associated disparities in home appraisals. Housing and Urban\nDevelopment (HUD) Secretary Marcia Fudge will lead the team as it embarks on a\nthorough review of current appraisal methods and outcomes, and as potential\nremedies are considered.<\/p>\n\n\n\n<p>The task force will consist of a large group of agencies and\nfinancial groups, encompassing the Federal Reserve, Freddie Mac and Fannie Mae,\nthe Consumer Financial Protection Bureau, and a host of financial groups. It\nwill seek information and guidance, too, from civil rights nonprofits as well\nas the appraisal industry and its state-based regulators. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Lost Retirement Savings for Black Households<\/h2>\n\n\n\n<p>At the core of the matter are appraisals based not simply on\na property\u2019s own features and characteristics, but also on community profiling.\nWhen a home is undervalued because of race, national origins, or even the\nfinancial histories of people in an area, a particularly harmful form of financial\ndiscrimination arises, as:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Low appraisals deprive sellers of the fair value\nof their homes.<\/li><li>Low valuations compel buyers to cope with a\nhigher loan-to-value ratio, meaning they will pay higher interest rates for\ntheir home loans.<\/li><\/ul>\n\n\n\n<p>So, at the same time sellers in traditionally Black areas\nget lowball appraisals, they pay more to finance the homes they buy. That extra\noutlay of cash can be, and has been, quantified. A study titled The Unequal\nCosts of Black Homeownership was published in 2020 by Attorney Michelle\nAronowitz together with researchers at the Urban Institute and the\nMassachusetts Institute of Technology. Guess how much more Black Americans pay\nto own their homes? The study authors answer: <\/p>\n\n\n\n<p><em>It\u2019s a lot. The overall\ndifferences in mortgage interest payments ($743 per year), mortgage insurance\npremiums ($550 per year), and property taxes ($390 per year) total $13,464 over\nthe life of the loan, which amounts to $67,320 in lost retirement savings for\nblack homeowners. These inequities make it impossible for black households to\nbuild housing wealth at the same rate as white households.<\/em><\/p>\n\n\n\n<p>Building equity through home ownership is one of the key methods\nof&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/buying-a-house-to-save-money-its-a-tried-and-true-method\/\">wealth\naccumulation<\/a> across the country. As a nation which enshrines equal\ntreatment in our Constitution, we have a responsibility to level this field. Moreover,\ndiscrimination in real estate transactions, appraisals included, is outlawed by\nstate laws and the federal Fair Housing Act.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Appraisal Customs Under Scrutiny<\/h2>\n\n\n\n<p>In light of the above-described situation, where is the new\nfederal task force likely to press for changes? Most of the discussion focuses\non two areas:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Mandatory data reporting.<\/strong> Home appraisal\ndata could show us how and where bias comes in. A transparent database could\nput pressure on appraisers to make unbiased valuations. Such a system could be\ncreated under the auspices of Fannie Mae and Freddie Mac. At the moment,these\nentities hold the appraisal and valuation data, along with the Federal Deposit\nInsurance Commission. These entities \u2014 all are part of the task force \u2014 will\nlikely need to provide access to current and ongoing information.&nbsp; <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Automated valuation methods.<\/strong> The broad\nadoption of automated valuation software could potentially take human bias out\nof appraisals. The thrust of this would involve standardizing the inputs that\nmay go into a valuation \u2014 such as footage, room counts, and the number of\nbathrooms. <\/li><\/ul>\n\n\n\n<p>Well-designed software could make home valuations fairer and\nsimpler for everyone. But it\u2019s not as though digital tools aren\u2019t available. Why\nis the trend going the other way, then? In fact, statistics show the appraisal\ndisparities are rising. <a href=\"https:\/\/www.jchs.harvard.edu\/son-2020-homeownership-gap\" target=\"_blank\" rel=\"noreferrer noopener\">Disparity\nhas been growing<\/a> in comparative levels of Black homeownership, too,\nversus the general U.S. homeownership rate.&nbsp; <\/p>\n\n\n\n<p>One reason appraisals resist remediation appears to be the application of professional discretion in the appraisals process. In the words of the <a href=\"https:\/\/www.appraisalinstitute.org\/appraisal-profession\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Appraisal Institute:<\/a> \u201cAn appraisal is a professional appraiser\u2019s opinion of value.\u201d The appraiser should supply \u201cobjective, impartial, and unbiased opinions,\u201d the Institute adds. Yet human opinions are influenced by assumptions. To expect objectivity, without some form of data-driven accountability, is optimistic. <\/p>\n\n\n\n<p>Jamie Owen, an appraiser in the Greater Cleveland area, <a href=\"https:\/\/clevelandappraisalblog.com\/2020\/01\/23\/what-does-it-mean-to-be-neutral\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">quotes<\/a> <em>The Appraisal of Real Estate<\/em> (14th ed.):<\/p>\n\n\n\n<p><em>While anyone can have an opinion\nof value, appraisers are professionals with training and expertise in the\naccepted valuation methods and techniques who have&nbsp;an ethical obligation\nto remain disinterested and unbiased while performing an appraisal. That\nprofessional expertise gives the value opinion of an appraiser credibility in\nthe marketplace that that the opinions of others market participants do not\ncarry.<\/em><\/p>\n\n\n\n<p>In many situations, Owen concedes, it is \u201cchallenging to\nremain neutral.\u201d Owen also mentions the importance of relying on comparable\nsales in the area. <\/p>\n\n\n\n<p>For its part, the National Association of REALTORS\u00ae is concerned that the public is reaching conclusions about the appraisal system based on media stories alone. Regarding the potential of new software systems for appraisals, the Association <a href=\"https:\/\/www.nar.realtor\/washington-report\/nar-comment-to-fhfa-on-appraisals\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">states<\/a>: \u201cNAR believes a traditional, in-person appraisal continues to provide the most comprehensive and thorough opinion of value for a real estate transaction.\u201d\u00a0Nevertheless, the Association acknowledges a \u201cneed to ensure that consumers are able to file a complaint of discrimination without undue burden or confusion.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Call for Dynamic Remediation<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/call-for-dynamic-remediation.jpg\" alt=\"Two people sitting on a gray couch looking at a computer and paperwork reviewing a real estate appraisal.\" class=\"wp-image-1482\" width=\"452\" height=\"302\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/call-for-dynamic-remediation.jpg 602w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/call-for-dynamic-remediation-300x200.jpg 300w\" sizes=\"auto, (max-width: 452px) 100vw, 452px\" \/><\/figure><\/div>\n\n\n\n<p>The problems faced by homeowners in historically Black areas didn\u2019t take root overnight. Redlining \u2014 effectively shunning certain areas based on the cultural and racial identities of most residents \u2014 has a long history. Banks and title companies have refused to finance or extend insurance coverage to home shoppers in areas characterized as financially risky. Many residents of those same areas have yet to rebound from the 2008-09 subprime mortgage bubble, which took a trillion-dollar toll on Black and Latino households.<\/p>\n\n\n\n<p>To spare borrowers from paying penalties for the areas they\nlive in, dynamic remediation is called for. Delegate Jazz Lewis of Maryland,\nfor example, says states need voucher initiatives to make \u201chigh-opportunity\u201d\nresidential areas accessible to members of minorities who wish to pursue such\noptions.<\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> For related\ninformation please see <a href=\"https:\/\/www.deeds.com\/articles\/update-black-homeownership-2021\/\">Update:\nBlack Home Ownership 2021<\/a> by Deeds.com.<\/em><\/strong><\/p>\n\n\n\n<p>Can home appraisals rest solely on a home\u2019s features, and\nnot its surrounding neighborhoods and sale prices? There will be objections to\novercome, and new understandings to work out, in a real estate industry that\nhas focused on \u201clocation, location, location\u201d for generations. <\/p>\n\n\n\n<p>For now, the Biden administration has taken a crucial first\nstep. If the country is to make progress in solving its toughest challenges,\nthe tone at the top is key. <\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Evan Weinberger, <em>Bloomberg Law<\/em>: <a href=\"https:\/\/news.bloomberglaw.com\/banking-law\/biden-kicks-off-effort-to-end-discrimination-in-home-appraisals\">Biden Kicks Off<\/a><a href=\"https:\/\/news.bloomberglaw.com\/banking-law\/biden-kicks-off-effort-to-end-discrimination-in-home-appraisals\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" E (opens in a new tab)\"> E<\/a><a href=\"https:\/\/news.bloomberglaw.com\/banking-law\/biden-kicks-off-effort-to-end-discrimination-in-home-appraisals\">ffort to End Discrimination in Home Appraisals<\/a>(Jun. 18, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Michelle Aronowitz, <em>et al.,<\/em> <a href=\"https:\/\/gcfp.mit.edu\/wp-content\/uploads\/2020\/10\/Mortgage-Cost-for-Black-Homeowners-10.1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">The Unequal Costs of Black Homeownership<\/a> (Oct. 2020; internal citations omitted). <\/p>\n\n\n\n<p class=\"has-small-font-size\">Appraisal Institute\u00ae: <a href=\"https:\/\/www.appraisalinstitute.org\/appraisal-profession\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">The Appraisal Profession<\/a>.<\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Cleveland Appraisal Blog<\/em> (by Aspen Appraisal Services): <a href=\"https:\/\/clevelandappraisalblog.com\/2020\/01\/23\/what-does-it-mean-to-be-neutral\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">What Does It Mean to Be Neutral<\/a>? (Jan. 23, 2020).<\/p>\n\n\n\n<p class=\"has-small-font-size\">The Harvard Joint Center for Housing Studies: <a href=\"https:\/\/www.jchs.harvard.edu\/state-nations-housing-2020\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">The State of the Nation&#8217;s Housing 2020<\/a>.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Sehar Siddiqi for the National Association of REALTORS\u00ae: Washington Report \u2013 <a href=\"https:\/\/www.nar.realtor\/washington-report\/nar-comment-to-fhfa-on-appraisals\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">NAR Comment to FHFA on Appraisals<\/a> (Mar. 1, 2021).\u00a0<\/p>\n\n\n\n<p class=\"has-small-font-size\">Charlie Oppler, President, National Association of REALTORS\u00ae: Letter in response to a <a href=\"https:\/\/narfocus.com\/billdatabase\/clientfiles\/172\/3\/4294.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Request for Information on Appraisal-Related Policies, Practices, and Processes<\/a> from the Federal Housing Finance Agency (Feb. 26, 2021). <\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.pexels.com\/photo\/family-making-breakfast-in-the-kitchen-4259140\/\" target=\"_blank\">August de Richelieu<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/shallow-focus-photography-of-two-woman-sitting-on-gray-couch-1181504\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Christina Morillo<\/a>, via Pexels.com <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Black-owned homes are regularly low-balled in appraisals. It\u2019s been happening for generations. Now, the Biden administration is confronting the issue. On June 1, 2021, the president said a new task force will deal with race-associated disparities in home appraisals. Housing and Urban Development (HUD) Secretary Marcia Fudge will lead the team as it embarks on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[125,71],"tags":[],"class_list":["post-1480","post","type-post","status-publish","format-standard","hentry","category-appraisal","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Biden Administration Confronts Racial Bias in Appraisals - Deeds.com<\/title>\n<meta name=\"description\" content=\"Black-owned homes are regularly low-balled in appraisals. It\u2019s been happening for generations. 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