A Baltimore family is suing an appraiser and a mortgage lender after their home was allegedly undervalued severely because they are Black
NEW YORK — — How much does it pay to hide the photos of your family at your home, or anything else that shows your race? If you’re Black and trying to find out how much your house is worth, one family suggests it could be hundreds of thousands of dollars.
Officials at the lender accused in the case, loanDepot, declined to discuss the allegations. But in a statement, the publicly traded company said it strongly opposes bias. “While appraisals are performed independently by outside expert appraisal firms, all participants in the home finance process must work to find ways to contribute to eradicating bias.”
The couple had bought their four-bedroom home in 2017 for $450,000 and had made several upgrades to it. They remodeled their club room for $35,000, for example. They also invested in a tankless water heater, recessed lighting and other improvements that the family’s lawyers say raised the value of the home.
But the appraiser from 20/20 Valuations, who was hired by loanDepot, said the home was worth only $472,000, according to the complaint. That pushed loanDepot to call to say it would not extend the loan, according to the complaint. After that, the home appraised for $750,000, or 59% more than the appraisal from less than seven months earlier.
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