Multiple efforts are underway to weed out appraisal bias

From the federal government to businesses, efforts to root out bias gain traction The Mortgage Bankers Association – the national group representing the real estate finance industry – recently praised the federal government’s efforts to root out racial and ethnic bias in home valuations, but has asked for a robust heads up prior to the implementation of new rules. Work on the ambitious Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan began on June 01, 2021 – the centennial of the Tulsa Race Massacre – to develop a transformative set of actions to root out racial and ethnic bias in home valuations, the White House announced. Federal officials described the plan as “…the most wide-ranging set of reforms ever put forward to advance equity in the home appraisal process.” Responding to the plan’s completion,