Appraisal Subcommittee hosts tense discussion on bias

Appraisal Subcommittee hosts tense discussion on bias

An Appraisal Subcommittee roundtable discussion about bias in appraisals struck a nerve with attendees of the virtual summit, many of them appraisal professionals.

Department of Housing and Urban Development Sec. Marcia Fudge, who headlined the event, gave a short presentation to stress the Biden administration’s continued focus on addressing bias in appraisals.

“If we want to change the narrative of disinvestment and marginalization, then we must transform the lending, appraisal and insurance industries to prevent lost revenue caused by misevaluation and undervaluation of properties,” said Fudge.

The Biden administration’s efforts to combat racial bias need “industry cooperation and good corporate citizens,” she said. But her statements may have alienated appraisers who were expecting a dialogue.

“Nationwide, appraisal discrimination robs Black families of billions of dollars in home equity and household wealth,” Fudge said.

This content is exclusively for HW+ members.
Start an HW+ Membership now for less than $1 a day.
Your HW+ Membership includes:
Unlimited access to HW+ articles and analysis
Exclusive access to the HW+ Slack community and virtual events
HousingWire Magazine delivered to your home or office
Become a member today
Already a member? log in

The post Appraisal Subcommittee hosts tense discussion on bias appeared first on HousingWire.
Source: https://www.housingwire.com/rss