Connolly and Mott refinanced their Maryland home during low mortgage rates, originally buying it for $450,000 and improving it over the years. Their mortgage application yielded a value of $550,000, but the appraisal by Lanham’s firm was only $472,000. Following their own suspicions, they hired appraiser Daniel Dodd seven months later, who valued the home at $750,000. The case highlighted allegations of racial bias in appraisals, echoing findings from the Biden administration’s Property Appraisal and Valuation Equity task force, which confirmed systemic bias in the industry.
Connolly and Mott sought to refinance their Maryland home in the summer of 2021, when mortgage rates were at historic lows. They claim to have paid $450,000 for the house in 2017 and made multiple improvements to the house along the way.
The individual appraiser, Daniel Dodd, valued the home at $750,000. Dodd said he now believes he made some mistakes in his appraisal that led to an overvaluation of roughly $50,000.
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