HUD Reaches Agreement With JPMorgan Chase Resolving Claims Of Race Discrimination In Appraisals > Forbes

The U.S. Department of Housing and Urban Development (HUD) announced today that it has approved a conciliation agreement between JPMorgan Chase Bank and a Black homeowner, resolving the woman’s claim that the mortgage lender, relying on an appraisal that she believed was inaccurate, valued her home at an amount lower than its actual worth because of her race.

“The race of a homeowner and the racial composition of their neighborhood must not influence the valuation of a home,” said Jeanine Worden, HUD’s acting assistant secretary for Fair Housing and Equal Opportunity.

Worden said the Fair Housing Act prohibits the consideration of race as a factor in the appraisal of a home and in the provision of other real estate-related services.

“Discrimination in home buying, mortgage lending and property appraisal deprives qualified individuals of an equal opportunity to pursue homeownership as a path to family stability and financial security,’’ she explained. “HUD is committed to ensuring that all housing, whether for rent or for sale, is free from discrimination.”

Under the conciliation agreement, JPMorgan Chase Bank will pay $50,000 to the woman and provide home lending advisors and client care specialists with mandatory training on the reconsideration of value process and fair lending issues related to appraisals, including specifics regarding how to handle complaints of discrimination in the appraisal process.

“We did extensive research into the matter and take these complaints very seriously,” a Chase spokesperson said in a written statement. “Appraisers are independent contractors who are not employed by the bank. They are specialists in the specific regions and use market-based comparisons to come up with a value. Our internal review of the appraisal assessment, as well as a market analysis, found no substantive issues and supported the appraiser’s value.”

MORE FOR YOU
Kelly Clarkson Relists Tennessee Lakefront Home For $6.95 Million
Rising Mortgage Rates Could Erase Home Buyers’ Increased Spending Power
What The Rental Housing Industry Needs To Bounce Back From The Pandemic
Discriminatory practices are particularly problematic for Black home buyers, accounting for missed opportunities to build wealth and stability.

Several studies and investigations show that many tax assessors still routinely saddle Black and minority residents with property tax bills that are too high given the market value of their homes.

The Fair Housing Act makes it unlawful to discriminate in the terms, conditions or privileges of the sale of a dwelling because of race, color, religion, national origin, sex, disability and familial status.

The act also makes it unlawful for any person or other entity whose business includes residential real estate-related transactions to discriminate against any person in making available such a transaction, or in the terms or conditions of such a transaction. Residential real estate-related transactions covered by the act include making loans secured by residential real estate and appraising residential real property.

https://www.forbes.com/sites/brendarichardson/2021/03/08/hud-reaches-agreement-with-jpmorgan-chase-resolving-claims-of-race-discrimination-in-appraisals/?sh=413edfa45bb5

Some articles from around the MLHA Nation you might like...

0 Comments

Submit a Comment

Getting More Local

Setting Up Shop In Your Area Soon!

Coming Soon!

My Local Home Value

MARKETPLACE

Interactive and Intuitive Digital Magazine focused on the housing markets and home values of Your Area.

Sample is of 

My Seattle
Home Value
Marketplace

Coming Soon!

Vounce HOME VALUE

MARKETPLACE

Interactive and Intuitive Digital Magazine focused on the housing markets and home values of Your Area.

Sample is of 

My Seattle
Home Value
Marketplace

Coming Soon!

My Local Home Value

MARKETPLACE

Interactive and Intuitive Digital Magazine focused on the housing markets and home values of the area you live.

Sample is of

My Seattle
Home Value
Marketplace

Appraiser Interview Guide

We have a combined 70+ years of appraisal experience. It makes us happy to share this with you. Let's jump right in then!

1. The first thing is a lot like many things you might get ready to do is to get your ducks in a row, and have a game plan for setting up your appraisal. And of course  you can't know everything about everything so the right appraiser will provide those answers, and you will get the best results.

2. Have your property information readily available when talking with the appraiser...

Get the complete Appraiser Interview Guide delivered directly to your email box in a readable and downloadable format, there's no cost.

Locations By State

We have all Current Certified Residential and Licenced Appraisers in the country. You can simply get started anytime.
We have also setup in many cities and metro areas as well as a centalized base for many rural locations. We will setup more locations each week.

Washington  |  Oregon  |  California  |  Texas  |  New York  |  Illinois  |  Florida  |  Pennsylvania  |  Washington DC

Locations By State

We have all Current Certified Residential and Licenced Appraisers in the country. You can simply get started anytime.
We have also setup in many cities and metro areas as well as a centalized base for many rural locations. We will setup more locations each week.

Washington  |  Oregon  |  California  |  Texas  |  New York  |  Illinois  |  Florida  |  Pennsylvania  |  Washington DC

Home Office

Portland, OR

Phone

503 781-0448

Contact Us

Copyright ©2021 • My Local Home Appraiser

Copyright ©2021 • My Local Home Appraiser

Phone: (503) 349-3765  Home Office: Portland, OR  |  Email: contact@mylocalhomeappraiser.com

  Email: contact@mylocalhomeappraiser.com