Update on Cohort 2:
*Due to the slowdown in the mortgage/real estate sector that is negatively impacting the appraisal industry, we have put plans for a second cohort on hold. You are welcome to add your name to this list to be notified when there are further developments. Thank you.
“Changing the Face of the Appraisal Industry”
Appraiser Training Program
Background
Launched in 2021 with a grant from Enterprise Community Partners, the New York Mortgage Coalition’s program aims to diversify the appraisal field, which has historically been overwhelmingly white and male. Attention to appraisal bias has escalated as numerous media reports have detailed how black homeowners’ properties were appraised at higher rates when they had white friends pose as the homeowners.
Diversifying the field of appraisers is a way to level the playing field, secure more representation in the field from people from all neighborhoods and also create wealth in communities of color by encouraging the establishment of family appraisal businesses, many of which have traditionally been family businesses.
Our class members represent a variety of backgrounds. Three-quarters of the class is female, which is significant as there are currently fewer than 300 black female appraisers in the US under age 50---of 75,000 appraisers nationally. Most of the class have college degrees and a number possess graduate degrees. The inaugural cohort includes professionals with backgrounds in real estate, health care, higher education, transportation, accounting/finance, technology and DEI.
Program Phases
- NYMC’s program identified prospective minority appraisers who began a three-part training program. Phase 1 was focused on soft-skills and workforce readiness training conducted by NYMC and Harlem Congregations for Community Improvement (HCCI).
- Applicants who successfully completed advanced to Phase 2 —150 hours of self-guided training with the Appraisal Institute, paid for by NYMC. To remove barriers and increase the probability of successfully completing the program, the Coalition also arranged with AI for experienced appraisers to provide weekly coaching sessions with the participants.
- After 75 hours of training, program participants will begin Phase 3: their 1500 hours as appraisal trainees working for New York appraisal management companies and financial institutions.
The inaugural class has completed 75 hours of training and is ready to interview with appraisers for their trainee positions.
Once the members of this cohort have begun their apprenticeships, NYMC will launch a second cohort.
The program has attracted interest from housing groups, financial institutions and funders from across the country and we hope to leverage this interest to expand opportunities within the field for prospective appraisers of color.
