Homeowning while Black: Couple alleges bias in appraisal

By STAN CHOE
AP Business Writer

NEW YORK (AP) — A Baltimore family is suing an appraiser and a mortgage lender after their home was allegedly undervalued severely because they are Black. The couple applied last year to refinance their mortgage, and said the deal seemed to be progressing until an appraiser said the home’s value was too low. The plaintiffs disagree with how the appraiser came up with the value and say it is because they are Black. A separate appraisal, done less than a year later after “whitewashing” the place by removing photos of Black people, said the home was worth $278,000 more than the initial appraisal. The appraisal company in the case, 20/20 Valuations, could not immediately be reached for comment.