Fair Housing & Appraisal Bias
Bias Research Solutions Project Team
The Bias Research Solutions Project Team (BRSPT Project Team) reviewed available research on the topic of appraisal or valuation bias, recommending appropriate next steps for the Appraisal Institute.
Consideration was given to any proposed solutions in the research, and the anticipated impact the proposed solutions would have on the profession, the real estate industry, and consumers.
Consideration was given to any proposed solutions in the research, and the anticipated impact the proposed solutions would have on the profession, the real estate industry, and consumers.
Collaboration
AI is collaborating with federal agencies, fair housing organizations and real estate and mortgage finance organizations in studying the broader ecosystem of mortgage finance and fair housing. AI is an active participant in Project REACH hosted by the Office of the Comptroller of the Currency and interfaces with the Property Appraisal and Valuation Equity Task Force.
We also collaborate with other valuation-focused organizations, such as The Appraisal Foundation, American Society of Appraisers, American Society of Farm Managers and Rural Appraisers, International Association of Assessing Officers, National Society of Real Estate Appraisers and MBREA | The Association for Valuation Professionals.
Through collaboration, we have hosted webinars to share the value appraisers bring to real estate transactions and clarify how we fit into the broader home appraisal ecosystem.
We also collaborate with other valuation-focused organizations, such as The Appraisal Foundation, American Society of Appraisers, American Society of Farm Managers and Rural Appraisers, International Association of Assessing Officers, National Society of Real Estate Appraisers and MBREA | The Association for Valuation Professionals.
Through collaboration, we have hosted webinars to share the value appraisers bring to real estate transactions and clarify how we fit into the broader home appraisal ecosystem.
Media
Appraisal Institute nurtures relationships with our media contacts, establishing new connections, and telling our story. Our president is regularly interviewed, sharing salient points during lengthy Q&As and working to expand the conversation beyond the typical talking points.
We enjoyed coverage in many high-profile national and local media outlets, including Bloomberg, The Washington Post, NBC.com, HousingWire, National Mortgage News and National Public Radio.
We enjoyed coverage in many high-profile national and local media outlets, including Bloomberg, The Washington Post, NBC.com, HousingWire, National Mortgage News and National Public Radio.
Legislators and Regulators
AI representatives give a consistent and balanced public message, earning us a seat at the table. Our consistency allows legislators and regulators to depend on our firm message advocating for appraisers while encouraging conversations on solving complex challenges.
Our representatives have testified before Congress. We've provided input to the Biden administration’s Property Appraisal and Valuation Equity Task Force (PAVE) and we carry the same voice to state houses and state agencies.
AI has driven numerous discussions that focus on protecting consumers AND advocating for appraisers, including model policies around appraisal appeals and reconsiderations of value.
Our representatives have testified before Congress. We've provided input to the Biden administration’s Property Appraisal and Valuation Equity Task Force (PAVE) and we carry the same voice to state houses and state agencies.
AI has driven numerous discussions that focus on protecting consumers AND advocating for appraisers, including model policies around appraisal appeals and reconsiderations of value.
Appraiser Diversity Initiative
AI has a leading role in the ADI, partnering with Fannie Mae, Freddie Mac and the National Urban League to advance diversity in appraisal. The ADI program provides opportunities to aspiring appraisers and exposing new appraisers to the AI Body of Knowledge and the profession’s best education.
ADI has received generous contributions from industry parters, including $3 million from Chase Bank and $1 million from Flagstar Bank to fund scholarships for diverse aspiring appraisers.
ADI has received generous contributions from industry parters, including $3 million from Chase Bank and $1 million from Flagstar Bank to fund scholarships for diverse aspiring appraisers.
AI PAREA
Our Board of Directors has invested in the future of appraisal experience opportunities by developing a Practical Application of Real Estate Appraisal program and was awarded a $500,000 grant from TAF to supplement this investment.
Through AI PAREA, we will attract aspiring appraisers and have a first touch for education and mentors to guide them to successful completion.
More than 45 states have accepted the PAREA program as an alternative to the experience requirement, which eliminates the challenges of finding a supervisor.
Through AI PAREA, we will attract aspiring appraisers and have a first touch for education and mentors to guide them to successful completion.
More than 45 states have accepted the PAREA program as an alternative to the experience requirement, which eliminates the challenges of finding a supervisor.
Opportunities for Minorities and Women
Our "Find An Appraiser" Directory has been expanded to allow for more robust search criteria.
In addition to the standard search by business, geographic, property type, and name, our users are provided with an additional filter to narrow their selection specifically to "Minority and Women."
These tools allow local, state and federal agencies and financial institutions can assign a portion of their work to qualifying minorities or women.
Are you a Designated Member? Update your details for increased visibility.
Are you a Designated Member? Update your details for increased visibility.
AIERF Course Scholarships
The AIERF AI Course and PAREA Scholarships are focused on providing financial assistance to help minority and women Candidates for Designation achieve their designation.
Learn more about the scholarship requirements, or apply for one today.
AIERF College Scholarship
The AIERF College Scholarships are also awarded to minority and women undergraduate and graduate students pursuing academic degrees, or with demonstrated interest, in real estate appraisal and/or valuation.
Learn more about the scholarship requirements and how to apply.
Our Commitment Going Forward
Appraisers are a proud, dedicated, hardworking group of professionals, and together, no challenge is too big.
The Appraisal Institute continues to be a voice for professional appraisers and an active thought leader in education, guidance and policy. As such, we must:
- Be a part of the ongoing conversations with the media, legislators and regulators.
- Work with other organizations to protect the future of the profession.
- Encourage new, and diverse, individuals to join our organization.
- Stand with other organizations in defense of appraisers.
- Continue to acknowledge and seek opportunities for growth and change.