Bradley partner Robert Maddox discussed appraisal bias during a breakout session panel on “Today’s Top Regulatory Issues” at the Mortgage Bankers Association’s Annual Convention & Expo.
“You have to plan for reconsideration [of value]. I want you to think about what are the first five steps that we’re going to do when we get a reconsideration. That way, you already have a process,” said Maddox, who emphasized the significance of preparation and process when approaching the issue.
“You may not be able to deal with if there was an appraiser who had discriminatory impact–that’s outside of your control–what you need to do now, you need to go back, build a process out that says: ‘this is what we do. And this is how we follow it,” Maddox said.
The panel discussion was featured in an article, “Processes, Preparation Important Part of Appraisal Bias Conversation, Panelists Say,” published by MBA Newslink on October 18, 2023.