Fair Housing & Appraisal Bias
Taking Action and Leading the Conversation
As AI Professionals, and likely all appraisers, are aware, the past couple of years have found us facing public concern about appraisal bias. Even the words are difficult to hear and against what appraisers stand for in our work. Yet, this challenging issue also provides an excellent opportunity to educate the public about the role of the appraiser, a chance to look at how we can take additional steps to help consumers and focus on making our profession more diverse and inclusive now and in the future.
Here are some of the ways the Appraisal Institute is addressing these issues.
Bias Research Solutions Project Team
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.
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 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
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
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.
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.
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.
The Appraisal Institute is the leading professional association of real estate appraisers. The Appraisal Institute’s Code of Professional Ethics and Standards of Professional Practice comprise requirements for ethical and competent practice, and advance equal opportunity and nondiscrimination in the appraisal profession. The Appraisal Institute’s work includes an array of professional education and advocacy programs, and stewardship of the highest level professional credentials in residential and commercial real estate appraisal.