Donald Trump is now the President. Now we find out what will really happen to appraisers, the appraisal industry and the real estate market. In the first week the PAVE Task Force website went down https://pave.hud.gov . Trump also declared that DEI in the federal government is gone. How will this affect us?
The PAVE Task Force released their report March 2022 and nothing really changed. It didn't add any new laws or regulations that we didn't already have. Big deal the website is now down. All PAVE really did was promote the false narrative that all appraisers are allegedly racist, biased old white men that lowball blacks and Latinos. The PAVE Task Force was based on Andre Perry's totally debunked paper "The Devaluation of Assets in Black Neighborhoods" and book "Know Your Price." AEI clearly showed that appraisers don't lowball anyone. People who make less money have less money and buy/own less expensive homes in less expensive areas. Whites make more money than blacks, Latinos for a myriad of socioeconomic reasons. It's not based on race.
Getting rid of DEI at HUD and other Federal Departments will have a greater impact. I hope that HUD doesn't stop the current programs to try to recruit more POC and women to become appraisers. I personally feel we could use more POC and women. It won't change appraisal values or prevent anyone from being lowballed but it's a good thing nonetheless. If DEI ends those programs, I hope private organizations are able to take up the slack. Again, now is not the best time to be entering the appraisal field for any new appraiser. There's barely enough work for existing experienced appraisers. You need a minimum of three years of experience to do appraisals for loans.
Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.
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