Discuss whether you think the new algorithm and PAVE Task Force will help to reduce or eliminate bias and discrimination in the appraisal industry?

Discuss whether you think the new algorithm and PAVE Task Force will help to reduce or eliminate bias and discrimination in the appraisal industry?Watch this video that discusses a new federal government effort, the Task Force on Property Appraisal and Valuation Equity (PAVE), created to address racial discrimination and bias in the housing industry and appraisal process which creates historical barriers to home ownership and homeownership equity. The video discusses how appraisal bias and the practice of redlining negatively impacts the ability for African Americans and others from obtaining generational wealth through home ownership. The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) is composed of thirteen federal agencies and offices. PAVE is co-led by the U.S. Department of Housing and Urban Development (Secretary Marcia L. Fudge) and the White House Domestic Policy Council (White House Domestic Policy Advisor Susan Rice). Home Appraisal Algorithms New rules are being drafted to reduce bias in the appraisal valuation process. Information and resources are available to ensure fair treatment in the property valuation process. Part 1: Assignment – Appraisal Bias Stories Watch the video below which highlights the stories of families who have experienced appraisal bias. https://youtu.be/P3Tq8JZ-SXY Action Plan to Advance Property Appraisal and Valuation Equity Download the PAVE Action Plan here Download Download the PAVE Action Plan here. https://pave.hud.gov/actionplan Links to an external site. Part Two Discussion Based on your reading of Chapter 11, the module content, and watching the video above, discuss the following: How does appraisal bias impact those who are trying to sell or refinance their home? What are your thoughts about the stories shared? Were these stories difficult to hear? If so, what was difficult? Do you think the new algorithm and PAVE Task Force will help to reduce or eliminate bias and discrimination in the appraisal industry? Respond to Your Peers by Sunday Respond to one (1) of your peers by Sunday. Points This assignment/discussion is worth 20 points https://pave.hud.gov/actionplan

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