The gap between Black and white homeownership is widening, which is why the National Urban League and WellsFargo are using the Home Appraisal Initiative to confront Black housing challenges. financialjourney
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And according to a Bureau of Labor Statistics survey, the home appraisal industry is 97% white. The Urban Institute and others contend that increased diversity in the appraiser profession can improve the current valuation bias for Black and Hispanic homeowners, which, in turn, can support more equitable homeownership outcomes.
This investment from Wells Fargo complements the various community enhancement programs we already offer in wealth generation and community stabilization.“We are delighted to bring the business skills training to this industry,” Judson Robinson III, president of the Houston Area Urban League said in a statement. “The Appraisal industry is less than 3% Black, and the need to have people of color and women in this space is urgent.
In May 2022, Wells Fargo recruited individuals to participate in the Appraisal Associate Program, a multiyear commitment to hire and train individuals from underrepresented communities to become licensed residential appraisers . Ninety-two percent of the trainees are diverse. In addition, the report finds that 72% of Black applicants and 63% of white applicants applied for loans at independent mortgage companies in 2021. The report notes that traditional banks continued to disproportionately attract white applicants: 33% of white people sought loans from banks in 2021 compared to 20% of Black people. Further, the report notes origination rates were higher at independent mortgage companies than at banks for both Black people and white people.
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