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.