Each year, the National Association of Minority Mortgage Bankers of America (NAMMBA) Connect conference shines a spotlight on advancing diversity and inclusion within the mortgage industry. The 2024 conference was no exception, covering crucial topics such as expanding homeownership among minority communities, enhancing financial literacy, and exploring the social impact of lending practices. Comprehensively, the gathering of diverse industry professionals aims to transform the mortgage and real estate industry into a more equitable and inclusive space in addition to addressing systemic issues regarding underrepresented communities in the housing market.
Among the attendees was Valligent’s Chief Appraiser, Jeff Hogan, who participated in a compelling panel discussion on ways to identify and mitigate appraisal bias. With recent Bureau of Labor Statistics reports indicating that 95.5% of appraisers are white and 70.5% are men, there is a significant need for increased diversity in the appraisal profession to help reduce the risks of bias. Hogan highlighted this pressing issue, stating, “There is a dire need to increase the level of diversity within the appraisal profession, particularly in underserved communities. This will help reduce historical bias and improve access to homeownership. Enhancing representation is crucial to building trust in the real estate industry. It’s a collective effort, and each of us has a role to play in making a substantial impact.”
Hogan certainly walks the talk, as he heads up Valligent’s efforts with an appraisal diversity program and was recently involved in discussions about the new Reconsideration of Value claims process, as well as the use of automated valuation models and other innovative automated review tools to identify and reduce appraisal bias risk.
Despite NAMMBA Connect 2024 ending, the conversations do not end here. Regardless of if you are an industry professional or simply an advocate for diversity, you can make a difference! As a group, we can continue to educate one another on how to foster fairness within this important industry!
Learn More About Valligent's Appraisal Diversity Efforts
For more information on Valligent’s initiatives and to schedule a meeting with Jeff Hogan, visit our appraisal diversity website and complete the web form.
