Appraisal mentoring, scholarship program gains fintech participant

Solidifi, a provider of residential appraisal, title and settlement services announced this week that it will launch an appraiser trainee mentorship program that awards 10 appraiser trainee scholarship packages through an essay competition.

“With more financial and advisor support, we can make the appraisal profession more attainable and move the industry forward by increasing appraiser diversity,” Solidifi President Loren Cooke said in a press release. “For aspiring appraisers, finding a qualified supervisor to oversee their training is often cited as a significant barrier to entry in the profession. However, more and more independent appraisers and appraisal firms on the Solidifi network are opening their doors as supervisors to trainees.”

Additionally, Solidifi will be an advisor and sponsor of the Appraiser Diversity Initiative, which was founded in 2018 by the National Urban League and Fannie Mae, then later partnered by the Appraisal Institute, Freddie Mac and Chase Home Lending. That project aims to commit capital, education and job resources to the field to reduce racial bias in appraisals.

A number of measures have been launched of late, which aim to address racial discrimination in home appraisals and racial equity in homeownership. The Department of Housing and Urban Development created an appraisal task force and the Black Homeownership Collaborative was recently formed by over 100 fair housing advocates.

By race, the Black community has the lowest level of homeownership at 44% at the end of the third quarter, according to the U.S. Census Bureau. That compares to 74% for white people, 60.2% for Asians and 48.3% for Hispanics. Further, the average home in a majority Black neighborhood is worth about $45,000 less than their white counterparts, according to a Redfin study from earlier this year.