As federal efforts to rid the appraisal profession of bias move forward, appraisers still have some burning questions.
They had a chance to take them directly to Melody Taylor, executive director of the Department of Housing and Urban Development’s task force on appraisal bias, during a roundtable discussion on appraisal bias hosted by the Appraisal Subcommittee on Tuesday.
The housing finance and policy community is interested. Hundreds of appraisers and representatives from appraisal management companies showed up. Even federal regulators and prominent mortgage lobbyists tuned in.
Taylor said the task force has made “immense progress” in the past three months toward its final action plan, which it will deliver to President Biden early next year.
The task force is focused on government oversight and industry practice to further valuation equity, combating inequities in the appraiser workforce and educating consumers and ensuring equity and valuation by making high quality data available. The task force will also seek to combat valuation bias through enforcement and compliance.
In what she described as a “Herculean effort,” Taylor said the task force is working to “harmonize policies, guidance and regulations to more succinctly address industry standards and practices.”
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