In response to the Property Appraisal and Valuation Equity (PAVE) Task Force’s recent regulatory actions and measures to tackle appraisal bias, Kenny Parcell, the President of the National Association of Realtors® (NAR), issued the following statement:
“NAR remains committed to upholding fair housing laws across all aspects of real estate, including the appraisal process,” stated Kenny Parcell, President of the National Association of Realtors®. “We commend the PAVE task force for making these positive changes, and NAR is proud of our advocacy efforts in pursuing these actions. Over the past year, we have had discussions with the PAVE Task Force on an array of proposed solutions on which the Biden Administration, Realtors®, and the broader appraisal industry could work together to address concerns and improve public trust in the appraisal profession. We are pleased to see the positive steps taken to improve the appraisal process and better protect the wealth-building benefits of homeownership for all Americans.”
These changes were announced on the eve of the first anniversary of the PAVE Task Force’s Action Plan. They encompass a proposed rule for quality control of automated valuation models (AVMs), collaborative efforts between the FHFA and FHA to establish a new reconsideration of value (ROV) process, and the forthcoming release of additional appraisal data.
NAR has persistently advocated for these changes over the past year. Historical discriminatory policies have systematically devalued homes and neighborhoods for numerous groups, and rectifying these injustices is paramount in ensuring financial stability for homeowners and communities nationwide.