Congresswoman Maxine Waters (D-Calif.), chairwoman of the House Financial Services Committee, sent a letter to the Property Appraisal and Valuation Equity (PAVE) Task Force requesting the Task Force move quickly to implement its planned administrative actions and provide the committee with a clear timeline for implementation of each action, according to a release from the U.S. House Committee on Financial Services

“The Task Force’s Action Plan is a critical step forward in our nation’s duty to root out bias and discrimination in the appraisal industry, which has gone under the radar for too long,” Waters wrote. “During the pandemic alone, we have seen countless reports of appraisal bias and alleged discrimination, which are exacerbated by gaps in federal home valuation policies and regulations.

“The systemic undervaluation of homes owned by people of color and located in communities of color has blocked many homeowners of color, especially Black homeowners, from fully benefiting from the equity in their homes, from refinancing their mortgages into historically low interest rates, and devaluing the communities they live in,” she added.

Also, in her letter to Marcia Fudge, PAVE Task Force co-chair and secretary of the U.S. Department of Housing & Urban Development (HUD), and Melody Taylor, PAVE executive director and director, Region III of the HUD Office of Fair Housing and Equal Opportunity, Waters commended the Biden administration for its convening of the Interagency Task Force on PAVE to address inequity in home valuations, including appraisals.

“As each of you know, the safety and soundness of our nation’s housing finance market depends on fair and accurate home valuations,” Waters wrote. “Similarly, we cannot ensure equitable access to homeownership for every family without fair and accurate home valuations. I look forward to your prompt response to this request.”