It contains 21 steps to improve oversight and accountability, including a legislative proposal to modernize the governance structure of the appraisal industry. Among the initiatives is to empower consumers with information through appraisal bias training to ensure that home valuation systems will prevent algorithmic bias.
Bob Broeksmit, president and chief executive officer of MBA, said an improvement of the appraisal process remains a top policy issue for the association, alongside its efforts to promote generational wealth creation through homeownership.
“MBA welcomes the release of the report of the Interagency Task Force on PAVE, which provides a detailed and comprehensive action plan to combat appraisal bias,” Broeksmit said. “While the role of mortgage lenders in the appraisal process is limited by design, MBA and its members are committed to working with policymakers and other stakeholders, including appraisers, to develop solutions that ensure borrowers receive a fair and accurate estimate of the value of their homes. “
The action plan has the PAVE Task Force engaged with more than 150 stakeholder groups, but Broeksmit still urged them to provide opportunities for stakeholders to comment on the action plan during the implementation process.