As you’re probably aware, the topic of diversity and alleged bias in the valuation profession has been covered in the media recently, and it’s an issue that AI continues to take very seriously.
As the nation’s largest professional association of real estate appraisers with over 17,000 professionals, and with more than 73,000 appraisers in the U.S., there’s no way we, or anyone else, can categorically say that no bias exists in the profession and that no individual appraiser has any bias. “Good” appraisals are credible and well supported – as you know, value is not a fact to be found. Attempting to find a non-appraiser’s opinion of the “correct” value sends us quickly down a rabbit’s hole. Instead, we are springing into action with a range of programs meant to attack whatever unconscious individual biases may exist; addressing matters of diversity within the profession; and developing policy solutions relating to mortgage financing and community and economic development.