Foundation Shares Updates Ahead of One Year Anniversary of PAVE Task Force Report
The Appraisal Foundation shared an update on how it is progressing on a number of recommendations made in the Biden Administration’s Property Appraisal and Valuation Equity (PAVE) Task Force’s Action Plan. The Action Plan was released a year ago next week with the aim of providing a “blueprint for how all Americans can benefit fairly from the equity built through homeownership.”
“The Appraisal Foundation shares the PAVE Task Force’s commitment to root out bias and discrimination in the appraisal profession, and our boards have been hard at work over the past few years to do just that,” said The Appraisal Foundation President Dave Bunton. “I am proud of the work that our boards have accomplished in such a short time, but much remains to be done. We look forward to partnering with the PAVE Task Force to continue these efforts to build public trust in the appraisal profession.”
The following are the top ten highlights of The Foundation and its boards’ actions on the following PAVE commitments:
- Updating the 90-minute section of the 7-Hour National USPAP Update Course focused on bias and discrimination in consultation with fair housing law firm Relman Colfax,
- Creating the Council to Advance Residential Equity (CARE) to bring previously unrecognized stakeholders with a mission of civil rights, fair housing, or consumer advocacy to the table to provide input on proposed changes to standards and qualifications,
- Instituting a new process for the public to submit comments, questions, and requests for the boards on any topic at any time,
- Removing the requirement that a majority of The Appraisal Foundation’s trustees be appraisers,
- Conducting a comprehensive review of the Ethics Rule, with advice from Relman Colfax, resulting in proposed changes that make it crystal clear that bias and discrimination against protected classes have always been prohibited by USPAP and that USPAP has always required appraisers to comply with all applicable fair housing laws,
- Supporting the adoption of the Practical Application of Real Estate Appraisal (PAREA) as a simulated training alternative for aspiring appraisers to fulfill their experience requirements in 40 states and counting,
- Developing a scholarship through the Pathways to Success Initiative that will prioritize serving aspiring appraisers who are people of color, veterans or those who wish to work in underserved communities,
- Proposing changes to the Real Property Appraisal Qualification Criteria that would require fair housing education for incoming and existing credential holders, and
- Designing resources for consumers to learn more about the appraisal process and how to proceed if they need to make a complaint.
- Publishing the report of the Automated Valuation Models (AVMs) Task Force which makes recommendations on potential standards for AVMs. This work has been shared with regulators who are working to write AVM standards.
For more information on each of these initiatives and how the Foundation is responding to many more PAVE recommendations please read this update provided to the PAVE Task Force on February 2, 2023.
Background: The Appraisal Foundation is the nation’s foremost authority on the valuation profession. The organization sets the congressionally-authorized standards and qualifications for real estate appraisers and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring appraisals are independent, consistent, and objective. More information on The Appraisal Foundation is available at www.appraisalfoundation.org.
Media Contact:
Amy Kaufman
Director of Communications
The Appraisal Foundation
amy@appraisalfoundation.org
direct phone 202.624.3048
SOURCE The Appraisal Foundation
