Changes Announced by Interagency Task Force Will Affect Appraisal Industry

The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) announced several important changes that will affect the appraisal industry. 

The announcement includes:

• A proposed rule for quality control of automated valuation models (AVMs),
• Collaboration between the FHFA and FHA on a new reconsideration of value (ROV) process,
• Additional data to be released on appraisals and made public later this year, and
• A dashboard to highlight state-level overlays or barriers to entry for new appraisers.

NAR had urged regulators to look at AVM oversight, a cross-regulator ROV, and expanded data sharing.

Staff will review the proposed rule and respond as appropriate.