Appraisals are crucial in the mortgage process as they determine the value of the collateral securing the loan. Issues of biased and inaccurate appraisals have drawn attention from government-sponsored enterprises (GSEs), regulatory bodies, and consumers. Reports of discriminatory practices, where appraisal values differ significantly based on the homeowner’s perceived race, underscore a deep-seated issue. Overvaluation continues to be a persistent problem, exacerbated by fluctuating housing markets and soaring home prices.
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