WASHINGTON (June 1, 2023) – National Association of Realtors® President Kenny Parcell issued the following statement today after the White House's Property Appraisal and Valuation Equity (PAVE) Task Force announced significant regulatory actions and changes to address appraisal bias:
"Realtors® are dedicated to upholding fair housing laws in all aspects of real estate, including appraisals," said 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."
The changes were announced on the heels of the one-year anniversary of the release of the PAVE Task Force's Action Plan(link is external). These changes include a proposed rule for quality control of automated valuation models (AVMs), the collaboration between the FHFA and FHA on a new reconsideration of value (ROV) process and additional data to be released on appraisals. NAR has advocated for these changes over the past year. Historically, many groups have faced discriminatory policies that devalued their homes and neighborhoods, and addressing those wrongs is crucial in providing financial stability to homeowners and communities nationwide.
