The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) delivered an action plan to President Biden this week that is aimed squarely at dismantling racial bias in the home lending and appraisal process and promoting generational wealth creation through homeownership.
The PAVE Task Force, co-chaired by HUD Secretary Marcia L. Fudge (pictured) and White House Domestic Policy Advisor Susan Rice, is the first-of-its-kind interagency initiative to address racial bias in home appraisals and includes senior leaders from 13 Cabinet and independent agencies and components of the Executive Office of the President.
The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) delivered an action plan to President Biden this week that is aimed squarely at dismantling racial bias in the home lending and appraisal process and promoting generational wealth creation through homeownership.
The PAVE Task Force, co-chaired by HUD Secretary Marcia L. Fudge and White House Domestic Policy Advisor Susan Rice, is the first-of-its-kind interagency initiative to address racial bias in home appraisals and includes senior leaders from 13 Cabinet and independent agencies and components of the Executive Office of the President.
Since its formation in June 2021, the PAVE Task Force engaged more than 150 stakeholder groups including appraisers, appraisal management companies, lenders, civil rights and advocacy groups, academic institutions, philanthropy organizations, and individuals who have experienced instances of appraisal bias to listen and learn diverse perspectives on what is working and how the Federal government can work to embed equity in the home valuation process.
The Plan includes steps federal agencies will take using their existing authorities to enhance oversight and accountability of the appraisal industry and empower homeowners and homebuyers to take action when they receive a valuation that is lower than expected. The PAVE Action Plan is available at PAVE.hud.gov.
