TAF Is About To Get PAVEd
The current administration is addressing the lack of diversity in housing valuation head-on with the formation of an interagency task force on Property Appraisal and Valuation Equity (PAVE).
Here are the details of the PAVE Task Force.
They just had their first meeting and this is a serious effort unlike the silliness of TAF’s bureaucratic actions of the past year that were nothing more than window dressing to the lack of diversity problem within the appraisal industry.
Incidentally, The Appraisal Foundation is not part of PAVE Task Force. Keep that in mind when you read their bat-shit crazy letter again and think about the fact that our industry is 96.5% white and entry standards into this industry are maintained by The Appraisal Qualifications Board of TAF without legal review (to save money, I presume). I can only imagine the questions that will be directed towards TAF by the PAVE Task Force, with TAF the maintainer of USPAP and charged with protecting the public trust.
The very existence of the PAVE Task Force shows quite clearly that the public trust has been obliterated by TAF through its actions over the past three decades. TAF is a not-for-profit run like a for-profit, doing an end-around the original Congressional intent by refusing grants from ASC, the mechanism of oversight. If I were Dave and Kelly, I’d be quite worried. Even their effort to sandbag ASC last year, in what they wrongly assumed was an adept bureaucratic maneuver, by asking Congresswoman Maxine Waters to request a GAO audit but conveniently forgot to include their Appraisal Foundation in the request. I wouldn’t be surprised if the GAO audit outcome disappears in the quagmire of bureaucracy now that PAVE is a top policy priority of the U.S. government.
I’ll get into the PAVE Task Force impact to appraisers in future posts as it unfolds but at first glance, I think this will end up being good for good appraisers as more and more information comes out for a number of reasons:
- It will marginalize activists who have brought much-needed attention to the lack of diversity but literally do not understand what appraisers do
- It will reduce the pressure from the AMC industry, whose bad actors emphasize only speed and price
- It will re-focus emphasis on quality appraisers over AVMs
- It will help the public better understand what appraisers actually do
- It will shed light on the diversity issues of AVMs, which are built by human beings
The PAVE Task Force is quite significant to appraisers – it won’t leave us twisting in the wind because:
- It involves cabinet-level attendance, not for junior officials
- It has a 180-day deadline to deliver a final action report
- The ASC is a member of the task force
- The agencies that comprise the ASC are also a part of it
- TAF is NOT part of the task force
The PAVE Task Force membership is comprised of the following officials and it is quite a breathtaking list:
Secretary of Housing and Urban Development (co-chair)
Assistant to the President for Domestic Policy (co-chair)
Director of the National Economic Council
Attorney General of the United States
Secretary of Agriculture
Secretary of Labor
Secretary of Education
Secretary of Veterans Affairs
Comptroller of the Currency (OCC)
Chairman of the Board of Governors of the Federal Reserve
Chairman of the Federal Trade Commission (FTC)
Chairman of the Federal Deposit Insurance Corporation (FDIC)
Chairman of the National Credit Union Administration and the Federal Financial Institutions Examination Council
Director of the Consumer Financial Protection Bureau (CFPB)
Director of the Federal Housing Finance Agency (FHFA)
Appraisal Subcommittee (ASC)
- FNMA Continued Effort to Get Rid of Appraisers - September 29, 2023
- Beware of Bifurcated Appraisals - August 4, 2023
- And Why Is the Second Appraisal Always the “Correct Value?” - June 9, 2023