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.