Government announces new plan to eliminate appraisal bias

A White House task force has presented a plan that it says will root out racial and ethnic bias in home appraisals. The five-step action plan announced by the Property Appraisal and Valuation Equity task force last week is designed to increase accountability and oversight, and includes steps for both home buyers and homeowners to

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FHFA identifies “thousands” of potential appraisal bias cases

Following a lengthy investigation, the Federal Housing Finance Agency says it has identified thousands of cases of “potential bias” in neighborhood descriptions written by appraisers and used in their home valuation process. “From millions of appraisals submitted annually, a keyword search resulted in thousands of potential race-related flags,” wrote Chandra Broadnax, senior examination specialist, and

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Appraiser organizations team up to combat bias

The Appraisal Institute said last week it’s partnering with organizations including the American Society of Appraisers, the American Society of Managers and Rural Appraisers and the Massachusetts Board of Real Estate Appraisers to support the development of new industry training that aims to eliminate unconscious bias in their evaluations of homes. “Acknowledging that bias exists

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