The Trump administration has “effectively disbanded” the interagency Property Appraisal and Valuation Equity (PAVE) task force, but a Democratic senator wants to revive it.

Raphael Warnock of Georgia introduced the Appraisal Modernization Act on Thursday. The legislation seeks to address systemic bias in the appraisal process, effectively writing into law many of the measures the PAVE task force implemented.

The bill would require the Federal Housing Finance Agency (FHFA) to maintain an online database with home valuation information that lenders use to evaluate mortgage applications. It also would allow homebuyers to initiate reconsideration of value (ROV) requests when details ⇒

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