OVER THE NEXT several years, numerous federal agencies will update their guidance on appraisals to ensure a Biden administration goal of increasing equity in home ownership. Known as the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), it released a roadmap in March that includes recommendations along numerous avenues to ensure a fair appraisal process for everyone. The task force encompasses 13 federal agencies, including the U.S. Department of Housing and Urban Development (HUD), the Consumer Financial Protection Bureau, the Federal Housing Finance Agency and the Federal Deposit Insurance Corp. PAVE is a direct order from President Joe Biden, who has made racial equity and justice throughout society a cornerstone of his administration. “For many Americans, the dream of homeownership and the long-term financial security this investment represents is a dream deferred or unrealized,” the 58-page PAVE report states in its executive summary. “Homeownership is often hindered by inequities within current home lending and appraisal processes, which PAVEing the Way Appraisal Companies Stay Proactive with Property Appraisal and Valuation Equity By Thomas A. Barstow 28 REVERSE MORTGAGE / JULY-AUGUST 2022
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