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PAVE Action Plan Resources

The Appraisal Institute is compiling resources and updates relating to the Property Appraisal and Valuation Equity (PAVE) Task Force Action Plan for appraisers, consumers and other stakeholders. Check back regularly for updates on regulatory and proposed legislative changes outlined in the Action Plan. 

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STATEMENT FROM APPRAISAL INSTITUTE PRESIDENT JODY BISHOP, MAI, SRA, AI-GRS
March 23, 2022

“We thank President Biden for releasing the Property Appraisal and Valuation Equity (PAVE) Task Force Action Plan, which targets solutions to several challenging issues in appraisal and valuation, outlines appraiser and consumer education goals, and highlights programs aimed at diversifying the appraisal profession.

Our organization stands ready to work with the bank regulatory agencies, loan guarantee agencies, FHFA, CFPB, HUD, and other stakeholders to develop a more accountable, actionable and efficient regulatory structure, particularly as it relates to the Reconsideration of Value (ROV) processes and procedures – an issue that cuts to the heart of many of the concerns recently expressed by borrowers of color. We look forward to reviewing and providing feedback on additional legislative proposals in this area. The Action Plan calls for significant regulatory and oversight changes but does not outline specific plans. Transparency and accountability are important, but these goals should be balanced with maintaining industry independence and promoting entry into the profession.

The Appraisal Institute is committed to working closely with the Biden administration to ensure borrower understanding of the appraisal process. Much work lies ahead, but we will continue to serve as a partner in support of these important goals.”

- Appraisal Institute President Jody Bishop, MAI, SRA, AI-GRS

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PAVE TASK FORCE RESOURCES DATE
PAVE Action Report March 23, 2022
White House News Release March 23, 2022
White House Press Conference March 23, 2022
   
APPRAISAL INSTITUTE RESOURCES DATE
Letter to President Biden March 23, 2022
Statement from 2022 AI President Jody Bishop, MAI, SRA, AI-GRS March 23, 2022
Guide Note 18: Personal Characteristics and Valuation Practice 2021
   
LATEST NEWS  DATE
House Committee on Financial Services Hearing March 29, 2022 (10 a.m. EDT)
VIDEO: Senate Banking Committee Hearing March 24, 2022
March 23, 2022
 
March 23, 2022

 

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