White House Releases Plan to Combat Appraisal Bias
April 8, 2022
An interagency task force at the White House has outlined a plan aimed at rooting out racial and ethnic bias in home valuations. The Property Appraisal and Valuation Equity task force released a five-step action plan yesterday to increase oversight and accountability. It also includes steps for homebuyers and homeowners to take when they receive a valuation lower than expected. The National Association of REALTORS® had a part in the formation of the action plan, including meeting with the PAVE task force to propose solutions on how the Biden administration, REALTORS®, and the broader appraisal industry could work together to address concerns and improve public trust in the appraisal process. “Historically, many groups have faced unfair home undervaluation,” Leslie Rouda Smith, NAR’s president, said in a statement following the task force’s release of its report. “Addressing those wrongs is…