On the one-year anniversary of the Interagency Task Force on Property Appraisal and Valuation Equity’s (PAVE) Action Plan, the Federal Housing Finance Agency (FHFA) reaffirms its commitment to actions that minimize appraisal bias and improve valuation equity in the housing finance system.
A key focus for FHFA in advancing the shared mission of the PAVE Task Force member agencies is by promoting access to data. Accordingly, FHFA is actively supporting the PAVE Task Force’s development of a collaborative Federal database that will ensure that Federal agencies are equipped with the information they need for oversight, enforcement, and research. This database will build on FHFA’s October 2022 release of the Uniform Appraisal Dataset (UAD) Aggregate Statistics, derived from more than 47 million appraisal records.
FHFA has also coordinated with the U.S. Department of Housing and Urban Development, the Consumer Financial Protection Bureau, the U.S. Department of Justice, and other Federal agencies to provide additional information for fair lending enforcement and valuation oversight.
Our research shows that there are persistent and unacceptable undervaluation gaps in communities of color. The Federal government has an important role in ensuring that our housing market works for everyone, and guaranteeing an efficient and equitable valuation that eliminates appraisal bias is one important step to achieving that goal.
FACT SHEET: Biden-Harris Administration Tackles Racial and Ethnic Bias in Home Valuations
PAVE Task Force Action Plan to Advance Equity in Appraisals
Adam Russell Adam.Russell@FHFA.gov