A couple in Baltimore is suing an appraiser and a mortgage lender, alleging their home was severely undervalued because they are Black, blocking them from refinancing their mortgage.
The couple says a separate appraisal, done after “whitewashing” the place by removing family photos and having a white colleague stand in for them, pegged the home’s value higher by $278,000.
The situation began last year, when two professors at Johns Hopkins University, Nathan Connolly and Shani Mott, wanted to do the same thing millions of others across the country were doing. They hoped to take advantage of low interest rates and refinance their mortgage and a home-equity loan. The couple applied in mid-2021 with loanDepot, which initially approved them for a 2.25% interest rate, pending an appraisal to ensure the home was worth enough in case of a default. A loanDepot lending officer told the family a “pretty conservative” estimate was $550,000, according to the suit.But the appraiser from 20/20 Valuations, who was hired by loanDepot, said the home was worth only $472,000, according to the complaint.
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