Task Force Core Objectives

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Core Objectives guide how the Task Force will drive change (both individual agencies and the collective Task Force). The Task Force Members will work together and consult with civil rights organizations, advocacy groups, industry, and philanthropic entities to drive change by:

 

  • Coordinating efforts to evaluate and identify the extent of, causes and factors that contribute to the persistent misvaluation and devaluation of assets. This includes evaluating issues related to biased appraisals in mortgage transactions and Automated Valuation Models (AVMs).
  • To the greatest extent feasible, coordinating agencies’ guidance, enforcement efforts, and monitoring authority. This may include reviewing of valuation related authorities enforced by federal entities, determining areas of commonality and conflict, and creating a framework for appropriate information sharing among agencies with enforcement authorities regarding coordinated enforcement and compliance, respecting enforcement independence.
  • Leveraging the authority of the Appraisal Subcommittee to strengthen oversight of the Appraisal Foundation, encourage diversity of State Appraisal regulatory agencies, and create opportunities for transparent data sharing.
  • To the greatest extent feasible, coordinating data collection and reporting, maintaining data repositories (contingent upon feasibility and legal opinion).
  • Recommending and implementing actions within agencies’ authorities, including concrete steps that federal, state, and local governments and industry will take as expeditiously as possible.