Remove Appraisal Process Remove Government Remove Property Appraisal Remove Training
article thumbnail

Opinion: The path to modernizing the appraisal process

Housing Wire

Regardless of the size or complexity of a system or process, it is time to look at whether the impact it has on people is equitable. And the appraisal process is no exception. of the properties in Black neighborhoods receive appraisal values lower than the contract price versus 7.4% All people.

article thumbnail

White House marks one year of PAVE appraisal bias action plan

Housing Wire

Thursday, March 23 marks the one-year anniversary since the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released its action plan to curb instances of bias in the housing appraisal process. Led by U.S. FHFA, along with HUD, [the U.S. Department of Agriculture (USDA) and the U.S.

Appraisal 381
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

PAVE Task Force Releases Recommendations to Promote Valuation Equity

McKissock

On March 23, 2022, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released a report entitled “Action Plan to Advance Property Appraisal and Valuation Equity.” Define metrics that can help to identify and measure patterns of mis-valuation in the property valuation process.

article thumbnail

GSEs further expand AVMs, desktop and hybrid appraisals

Housing Wire

The Federal Housing Finance Agency released voluminous plans last week developed by Fannie Mae and Freddie Mac to make the housing market more equitable, in part through changes to the appraisal process. Still, there are some kinks to work out of third-party property data collection, which Christensen described as the “Wild West.”.

Appraisal 326
article thumbnail

Consider These Factors When Choosing a Real Estate Appraiser

East Coast Appraisal

The appraisal process is critical to real estate transactions. Specialization Residential and commercial property appraisals differ. For example, commercial property appraisal considers income generation, which isn't a factor for residential property appraisal.

article thumbnail

Commercial Appraisal: Understanding the Basics

AmeriMac

In this blog, we will take you through everything you need about commercial real estate appraisal, from defining the term and understanding its importance to exploring the different types of commercial properties that are appraised. The property inspection is a crucial step in the commercial appraisal process.

article thumbnail

Unequal Opportunity: Addressing appraisal bias is another step toward making housing more equitable

Clear Capital

government made bold steps to support homeownership through the GI Bill. Before that, the government addressed these issues through housing programs started under the New Deal. The task force also proposed a set of policy changes to advance racial equity in the appraisal process. Troubling research. In 2021, 97.7%