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June 2023 » thefivestar.com 73 J O U R N A L June 2023 to ensure the credibility and integrity of valuations. The proposed standards are de- signed to ensure a high level of confidence in the estimates produced by AVMs; help protect against the manipulation of data; seek to avoid conflicts of interest; require random sample testing and reviews; and promote compliance with applicable non- discrimination laws. » Empowering consumers to take action against appraisal bias: Reconsiderations of value (ROV) provide an opportunity to challenge potentially inaccurate appraisal valuations when obtaining or refinancing a mortgage. Agencies are taking actions to promote industry-wide consistency for ROV processes and increase consumers' knowl- edge about the option to pursue an ROV. » Breaking down barriers to entry into the appraisal profession: The PAVE Task Force is publishing a dashboard that shows which states impose education, examination, and experience requirements to become an appraiser that are more stringent than the federal minimum requirements and is call- ing on states to make appropriate changes to reduce unnecessary barriers to entry to the appraiser profession. The Appraisal Subcommittee (ASC) will continue to provide ongoing assistance to states inter- ested in reducing barriers to entry. Today's announcement builds on ongoing efforts by the PAVE Task Force to create a more representative and well-trained appraiser workforce. Earlier this year, the PAVE Task Force issued a letter to the Appraisal Foun- dation (TAF) urging it to find meaningful solutions to the experience, education, and examination requirements that exceed most industry standards and are not linked to evidence showing how they produce better, more accurate appraisals. Homeownership remains a driver of the nation's wealth gap, with wide racial and ethnic disparities in homeownership rates and the financial return associated with owning a home. Today, the median white family holds eight times the wealth of the average Black family, and five times the wealth of the average Latino family. The Task Force membership is comprised of the following federal agencies and officials: » Secretary of Housing and Urban Develop- ment (co-chair) » White House Domestic Policy Advisor (co-chair) » Department of Justice Secretary of Agri- culture » Secretary of Labor » Secretary of Veterans Affairs » Comptroller of the Currency (OCC) » Chairman of the Board of Governors of the Federal Reserve (FRB) » Chairman of the Federal Deposit Insur- ance Corporation (FDIC) » Chairman of the National Credit Union Administration (NCUA) » Director of the Federal Housing Finance Agency (FHFA) » Director of the Consumer Financial Pro- tection Bureau (CFPB) » Executive Director of the Appraisal Sub- committee (ASC) Hosted by Kristin Broadley A conversation with Faith Schwartz, Housing Finance Strategies' Founder and CEO, on mortgage servicing risk post-pandemic. ELEVATE YOUR QUALITY QUOTIENT WATCH NOW AT conversations.qcally.com