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On Thursday, October 14th, the Chairs for the Real Property Valuation Committee participated in an industry listening session hosted by the Dept. of Housing and Urban Development (HUD) in conjunction with the Biden Administration's Interagency Task Force on Property Appraisal and Valuation Equity. The session brought together various stakeholders including appraisers, appraisal management companies, fair housing and consumer advocates, and other industry players in the property valuation space. The event consisted primarily of break-out sessions where attendees answered questions and discussed matters related to the following:
- Reconsideration of Value (ROV) process for properties
- Diversity in the appraisal industry
- Appraisal policy, guidance, and regulations
- Enforcement and compliance
- AVMs and alternative property valuation methods
In a follow-up conversation between HUD and NAR staff, NAR staff stressed the value in continued engagement with REALTORS® and industry professionals, especially appraisers, as the Biden Administration moves forward in assessing and developing recommendations related to the current property valuation framework. HUD staff agreed in the value of having the industry perspective and hopes to be able to continue to engage with the industry going forward.