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African American Couple Reach Settlement Over Biased Appraisal

vladb@globaldms.com (Global DMS) — Sun, 26 Mar 2023 01:13:48 GMT

In 2016 Paul and Tenisha Tate Austin purchased a home for $550,000. The couple spent upwards of $400,000 in repairs and renovations which, in 2022, were complimented and recognized by the appraiser Janette Miller, who under-appraised the property at $995,000. After "whitewashing" their home and asking a white friend to stand in as the owner of the property, the couple received an appraisal of $1,482,500 - $487,500 less than what the home was actually worth.

“We did our homework, we believe the white lady wanted to devalue our property because we are in a Black neighborhood, and the home belonged to a Black family” said Tenisha Tate Austin.

In 2020 the Austins filed a fair housing lawsuit against Janette Miller, her firm Miller and Perotti Real Estate Appraisers Inc. and AMC Links LLC. - for undervaluing their home by an astonishing $487,500 nearly the exact cost of the repairs and upgrades plus equity accrued in the home.

In March of 2023 the lawsuit was settled out of court for an undisclosed amount. Although the couple are glad to leave the lawsuit behind them, their case was one of many which perpetuates the wealth gap between African American families and the rest of the nation.

Caroline Peattie, Executive director of the Fair Housing Advocates of Northern California (which sued along with the Austins) noted this as being a "landmark case" which illustrates a "dramatic example of how an unfairly low appraisal can affect your ability to access a loan with good terms and build generational wealth."

It is GlobalDMS' hope that buyer education combined with tools and policies set forth by the Biden Administration - to enforce fairness in the appraisal process, can guide America towards a future of socio-economic equality not only for African Americans but for all peoples who continue to be victims of discriminatory practices such as lowballing and redlining - both of which continue to perpetuate the wealth gap between African American and White families to this day.

3 Keys to Reducing Appraisal Management Stress

Zach Bodack — Tue, 14 Jun 2022 12:00:00 GMT

When you consider the numerous platforms lenders must utilize to conduct their business, it's not surprising that many are still in transition and are looking to modernize their workflow. Appraisal management should be at the forefront when overviewing ways lenders can speed along turn times and get the most ROI. The traditional appraisal process is extremely manual, time-consuming, and resource-intensive – thus allowing a significant opportunity for improvement. If not appropriately managed, this process can delay closings, frustrate borrowers, and kill deals.

Gain Profits When Things Look Bleak with Encompass & EVO

Zach Bodack — Tue, 10 May 2022 12:00:00 GMT

According to Fannie Mae's (FNMA/OTCQB) Q1 Mortgage 2022 Lender Sentiment Survey^® (MLSS), 75% of mortgage lenders believe profit margins will decrease in the next three months, up from 65% in the prior quarter. Lenders must reduce turn times and shore up processes now before it's too late.

Configurability a True Game-Changer for Valuation Technology

Zach Bodack — Thu, 07 Apr 2022 06:11:44 GMT

Most lenders and AMCs follow their own unique appraisal process and finding an appraisal management software that works for their unique system can be challenging. Generally, valuation technology platforms are rigid, form-based platforms that need custom development performed before the software fits into their specific business processes. Customizations typically mean an added cost, time, and human capital to focus on customizations. Additionally, it drastically prolongs your go-live date.

Global DMS 2022 Innovations Award Winner from PROGRESS in Lending

Zach Bodack — Fri, 11 Mar 2022 14:30:00 GMT

We’re honored to announce that PROGRESS in Lending selected Global DMS for its Innovations Award, which recognizes companies that have come together to create something truly game-changing for the mortgage space.

Global DMS^® is thrilled to be recognized for our commitment to moving the industry forward and delivering superior value for our clients through leading appraisal management technology, targeted innovation and excellence in everything we do.

Global DMS 2022 HousingWire Tech100 Mortgage and Real Estate Honoree

Zach Bodack — Thu, 10 Mar 2022 14:30:00 GMT

Global DMS^® is excited to announce that we have been named a 2022 Tech100 Mortgage Honoree. The Tech100 recognizes the most innovative technology companies in the housing economy.

The Tech100 program provides housing professionals with a comprehensive list of the most innovative and impactful organizations that can be leveraged to identify partners and solutions to the challenges that mortgage lenders and real estate professionals face every day.

Global DMS - 23 Years of Appraisal Management Technology

Zach Bodack — Fri, 04 Mar 2022 13:00:00 GMT

For 23 years, Global DMS has helped lenders and AMCs manage the appraisal process from A-Z and we continue to do the same today. We are joyful to reflect on all of our achievements, teamwork, exciting projects and fantastic goals! On this birthday, we look back at the great success we have had and will continue to achieve.

How Commercial Lenders Can Reduce Turn-Times

Zach Bodack — Tue, 01 Feb 2022 13:00:00 GMT

Waiting for a commercial appraisal to come can feel watching grass grow. While most appraisals can take one to two weeks, some can take much longer, depending on the property type.

After waiting, the last thing lenders or AMCs want is pesky delays caused by inadequate appraisal management processes. The answer for lenders is relying on an appraisal management software that provides a streamlined workflow that enhances project control, simplifies compliance, and allows lenders to work smarter, not harder. This all sounds great until you hear…

New Year, New Goals – Take a Look at Your Appraisal Management Process

Zach Bodack — Wed, 26 Jan 2022 14:30:00 GMT

We are headed full steam into 2022 and now is the time to make plans.

2021 was, in some ways, was just as unpredictable, challenging, and downright stressful as the prior year for lenders. Business goals were set aside in 2020 with the rise of the pandemic, and 2021 threw curveballs at lenders as well – from employees continuing to work from home, record-high mortgage prices, and staffing shortages affecting banks and credit unions across the U.S.

Global DMS Receives 2022 Best of Lansdale Award

Zach Bodack — Thu, 20 Jan 2022 23:42:45 GMT

Global DMS^® is excited to announce that we have been selected for the 2022 Best of Lansdale Award in the Computer Support and Services category by the Lansdale Award Program.