Appraisal bias occurs when a property is undervalued or inaccurately assessed based on any of the protected class variables. Any appraisal bias based on race of the homeowner or racial make-up of a neighborhood can seriously affect minority homeowners.
Category: News and Trends
Quote: Feb. 9, 2023
“No lender has challenged this redlining theory before, since the 1990s, when DOJ and the banking regulators started using this redlining theory against banks. This is a first. I think the CFPB was trying to get a settlement against a non-bank; Townstone was a tiny mortgage company in 2017 and the Bureau thought it would probably just roll over.”
–Richard Horn, Co-Managing Partner of Garris Horn LLP, Tucson, Ariz.
MBA Weekly Survey Feb. 8, 2023: Applications Up; Rates Down 5th Straight Week
Mortgage applications rose last week as interest rates inched lower for the fifth straight week, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending February 3.
MISMO Recruiting Participants in New Group Focused on Building APIs for Commercial Data
MISMO®, the real estate finance industry standards organization, issued a call for industry professionals to join a new Development Workgroup focused on developing APIs for MISMO’s Commercial datasets.
Industry Briefs Feb. 9, 2023: TCN Worldwide Expands in Pa., Ohio, N.Y.
TCN Worldwide Real Estate Services added Jabe Companies Commercial Real Estate and Hanna Commercial Real Estate as the newest member firms
Rob Nunziata of ActiveComply: Regulatory Implications of Employing Remote Workers
Rob Nunziata is co-founder and CEO of ActiveComply, Orlando, Fla., a provider of cloud-based platforms that help companies in highly regulated industries stay compliant. He is also Co-CEO of Orlando-based FBC Mortgage LLC, one of the nation’s largest retail home lenders.
Dawar Alimi of Lender Price: How Quality APIs Are Helping Lenders Drive Modernization and Operational Efficiency
Dawar Alimi is CEO and Co-Founder of Lender Price, Pasadena, Calif., a provider of cloud-native pricing technology to the lending space. He has more than two decades of mortgage industry expertise, during which he has built industry-leading technology and founded several companies.
Rohin Tagra of Azimuth GRC: 4 Reasons Mortgage Lenders & Servicers Need Automated Full-Population Compliance Testing
The cost of non-compliance is rising. Regulatory expectations have increased, and new rules continue to be released, placing a heavy burden on compliance teams to keep pace, or else face consent orders and multi-million-dollar fines. The good news is that there’s a solution.
Doug Wilber of Denim Social: Three Reasons Every Mortgage Loan Officer Should Use Paid Social Media Advertising
With a less than rosy outlook, it’s essential that every mortgage loan officer maintain an edge on the competition. Now is the time to be more strategic and paid social advertising can help loan officers make the most of every marketing penny.
MISMO Recruiting Participants in New Group Focused on Building APIs for Commercial Data
MISMO®, the real estate finance industry standards organization, issued a call for industry professionals to join a new Development Workgroup focused on developing APIs for MISMO’s Commercial datasets.