PAVE Task Force Issues Action Plan to Address Appraisal Bias

A&B ABstract:  A year and a half after President Biden’s announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”), the past weeks have seen a flurry of activity from federal agencies and the Appraisal Foundation to address issues of bias in residential property appraisal.  What should lenders, servicers, and appraisers know? […]

The post Moving to Address Appraisal Bias, Agencies and the Appraisal Foundation Issue Updates appeared first on Alston & Bird Consumer Finance ABstract.

While the mortgage industry continues to evaluate the nature and extent of bias in the home appraisal process, no one has yet come up with a solution for detecting and addressing it. Our Financial Services & Products Group highlights the tension between the purpose and design of the appraisal process and its effect on borrowers and communities of color.