{"id":9588,"date":"2024-01-17T14:27:15","date_gmt":"2024-01-17T19:27:15","guid":{"rendered":"https:\/\/nationalfairhousing.org\/?p=9588"},"modified":"2024-02-21T10:08:50","modified_gmt":"2024-02-21T15:08:50","slug":"the-national-fair-housing-alliance-applauds-fhfas-continued-leadership-in-combating-appraisal-bias","status":"publish","type":"post","link":"https:\/\/nationalfairhousing.org\/the-national-fair-housing-alliance-applauds-fhfas-continued-leadership-in-combating-appraisal-bias\/","title":{"rendered":"The National Fair Housing Alliance Applauds FHFA\u2019s Continued Leadership in Combating Appraisal Bias"},"content":{"rendered":"\n<p class=\"content-wrap-item post__paragraph\">FOR IMMEDIATE RELEASE<br>January 17, 2024<br>Contact: Janelle Brevard | jbrevard@nationalfairhousing.org<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><strong>Washington, D.C. \u2014 <\/strong>The <a href=\"https:\/\/protect-us.mimecast.com\/s\/wsULCxkNmyiLROVU8PYxX\">National Fair Housing Alliance<\/a> (NFHA\u2122) applauds the Federal Housing Finance Agency (FHFA) under the leadership of Director Sandra L. Thompson for releasing a groundbreaking <a href=\"https:\/\/www.fhfa.gov\/Media\/Blog\/Pages\/Underappraisal-Disparities-and-Time-Adjustments.aspx\">analysis<\/a> of an important factor driving racial disparities in appraisals. Specifically, FHFA\u2019s analysis found that appraisers are more likely to make adjustments for rising market conditions or \u201ctime adjustments\u201d for homes in majority-White census tracts that would otherwise fall below the contract price than for homes in majority-Black or majority-Latino tracts. FHFA noted that these time adjustments can be decisive in determining whether a home appraises at the contract price and the home purchase transaction can go forward.<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">Nikitra Bailey, NFHA\u2019s Executive Vice President, issued the following statement:<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">\u201cAn appraisal has the power to determine the value of a consumer\u2019s most important financial asset, which can hold the key to determining whether the consumer can purchase a permanent home rather than rent, access credit on reasonable terms, and build wealth for generations to come. FHFA\u2019s most recent analysis is consistent with numerous <a href=\"https:\/\/abc7.com\/feature\/our-america-lowball-home-appraisal-racial-bias-discrimination\/12325606\/\">news stories<\/a> as well as research by <a href=\"https:\/\/www.fanniemae.com\/media\/42541\/display\">Fannie Mae<\/a>, <a href=\"https:\/\/www.freddiemac.com\/fmac-resources\/research\/pdf\/202109-Note-Appraisal-Gap.pdf\">Freddie Mac<\/a>, <a href=\"https:\/\/www.eruka.org\/appraised\">Drs. Junia Howell and Elizabeth Korver-Glenn<\/a>, Dr. Andre Perry and the <a href=\"https:\/\/www.brookings.edu\/wp-content\/uploads\/2018\/11\/2018.11_Brookings-Metro_Devaluation-Assets-Black-Neighborhoods_final.pdf\">Brookings Institution<\/a>, and <a href=\"https:\/\/nationalfairhousing.org\/groundbreaking-report-identifies-bias-and-systemic-barriers-in-real-estate-appraisals\/\">NFHA<\/a> that document the serious and systemic problem of appraisal bias for consumers and communities of color. Appraisal bias exacerbates the large and growing Black-White and Latino-White wealth gaps by causing families of color to lose out on homeownership opportunities or get lower valuations. We applaud FHFA for taking another critical step in identifying and combating appraisal bias, especially at a time when many consumers are deterred from homeownership by higher interest rates that have driven up the cost of affording a mortgage.\u201d<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">FHFA led the way in analyzing the root causes of appraisal bias by conducting a comprehensive <a href=\"https:\/\/www.fhfa.gov\/Media\/Blog\/Pages\/Reducing-Valuation-Bias-by-Addressing-Appraiser-and-Property-Valuation-Commentary.aspx\">study <\/a>of the use of overt statements on the basis of race, ethnicity, and religion in appraisal reports; and releasing to the public <a href=\"https:\/\/www.fhfa.gov\/Media\/Blog\/Pages\/FHFA-Uniform-Appraisal-Dataset-Aggregate-Statistics.aspx\">aggregate statistics<\/a> from the Uniform Appraisal Dataset (UAD) along with user-friendly analytical tools.<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">\u201cWe commend Director Thompson for the momentous decision to conduct seminal research and share appraisal data with the public,\u201d said Ms. Bailey. \u201cThis was one of the key recommendations from the <a href=\"https:\/\/nationalfairhousing.org\/groundbreaking-report-identifies-bias-and-systemic-barriers-in-real-estate-appraisals\/\">NFHA Consortium report on appraisal bias<\/a>. Like Home Mortgage Disclosure Act (HMDA) data, this appraisal data can revolutionize our understanding of the appraisal process and help develop better compliance systems to prevent harm to consumers and communities of color. Additionally, we look forward to working with FHFA to explore additional data releases at the loan level to help us fully understand appraisal bias.\u201d<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph has-text-align-center\">###<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><a href=\"https:\/\/protect-us.mimecast.com\/s\/CwbcCM8m6Xi2kl1s9MWIY\"><em><strong>The National Fair Housing Alliance (NFHA)<\/strong><\/em><\/a> <em>is the country\u2019s only national civil rights organization dedicated solely to eliminating all forms of housing and lending discrimination and ensuring equal opportunities for all people. As the trade association for over 170 fair housing and justice-centered organizations and individuals throughout the U.S. and its territories, NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FOR IMMEDIATE RELEASEJanuary 17, 2024Contact: Janelle Brevard | jbrevard@nationalfairhousing.org Washington, D.C. \u2014 The National Fair Housing Alliance (NFHA\u2122) applauds the Federal Housing Finance Agency (FHFA) under the leadership of Director Sandra L. Thompson for releasing a groundbreaking analysis of an important factor driving racial disparities in appraisals. Specifically, FHFA\u2019s analysis found that appraisers are more [&hellip;]<\/p>\n","protected":false},"author":433,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[148,34,2],"tags":[],"class_list":["post-9588","post","type-post","status-publish","format-standard","hentry","category-appraisal-bias","category-nfha-news","category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The National Fair Housing Alliance Applauds FHFA\u2019s Continued Leadership in Combating Appraisal Bias - NFHA<\/title>\n<meta name=\"description\" content=\"FOR IMMEDIATE RELEASEJanuary 17, 2024Contact: Janelle Brevard | jbrevard@nationalfairhousing.org Washington, D.C. \u2014 The National Fair Housing Alliance (NFHA\u2122) applauds the Federal Housing Finance Agency (FHFA) under the leadership of Director Sandra L. 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