Sec. 3. Real Estate Valuation Task Force
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The Appraisal Subcommittee of the Financial Institutions Examination Council shall facilitate the establishment and convening of an Interagency Task Force on Real Estate Valuation (in this section referred to as the Task Force ). The Task Force shall consist of the following members or their designees: The Director of the Federal Housing Finance Agency. The Chair of the Board of Directors of the Federal National Mortgage Association. The Chair of the Board of Directors of the Federal Home Loan Mortgage Corporation.
The President of the Government National Mortgage Association. The Chairperson of the Board of Directors of one of the Federal home loan banks, selected by the Chairpersons of the Boards of Directors of all of the Federal home loan banks. The Assistant Secretary of the Department of Housing and Urban Development who is the Federal Housing Commissioner. The Undersecretary for Rural Development of the Department of Agriculture. The Secretary of Veterans Affairs. The Director of the Bureau of Consumer Financial Protection, who shall serve as the Chairperson of the Task Force.
The Comptroller of the Currency. The Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation. The Chairman of the Board of Governors of the Federal Reserve System. The Chairman of the National Credit Union Administration Board. The Chairman of the State Liaison Committee. The Task Force shall— harmonize to the greatest extent possible the various collateral underwriting standards and guidance of the agencies and entities represented on the Task Force governing residential and commercial real estate valuations, including standards and guidance with respect to appraisals, non-traditional and alternative methods of providing real estate property evaluations such as automated valuation models, processes and procedures for managing reconsiderations of value by consumers, and standards and guidance with respect to common collateral underwriting challenges, such as energy efficient housing and limited or inactive markets; to the extent that standards or guidance described under paragraph
(1)are not harmonized, the Task Force shall issue a report to Congress explaining why harmonization cannot or should not be implemented; establish specific definitions for limited or inactive housing markets in which comparable sales are limited or unavailable over a certain period of time, and establish greater flexibilities and guidance for appraisals and any underwriting processes associated with appraisals conducted in such markets, such as the ability to consider market evidence for similar properties in other geographic areas or utilizing a range of value; aggregate data across Task Force members and conduct a study to determine whether there are racial disparities at both the borrower and community level in the valuation and price of the residential real estate to be used as collateral for mortgage applications processed by Task Force members; identify specific causes of such racial disparities and— adopt changes to address such causes; or if the Task Force determines that additional statutory authority is needed to adopt such changes, issue a report to Congress describing the needed statutory authority; and evaluate whether there are any barriers to entry that are disproportionately preventing minorities from entering into the appraisal profession, such as current minimum requirements established by the Appraiser Qualifications Board, the cost and availability of education, the content of the State appraiser exam questions, or the time it takes to finish training. The Task Force shall convene regularly, including with the advisory committee described under subsection (g), to carry out the duties under subsection
(c)and submit the reports required under subsection (f). Each agency and entity represented on the Task Force shall share with the Task Force any data of the agency or entity necessary for the Task Force to carry out the duties of the Task Force under this Act. The Chairperson of the Task Force shall submit a report to the Congress not later than the expiration of the 24-month period beginning on the date of the enactment of this Act detailing the findings and any actions taken to further the duties of the Task Force as of such time and describing any planned efforts and activities. Periodically after the submission of the report pursuant to paragraph (1), the Chairperson shall submit reports to the Congress setting forth updates of the findings and actions taken to further the duties of the Task Force. The Task Force shall establish an advisory committee to provide advice with respect to the duties of the Task Force. The advisory committee shall consist of— at least 2 civil rights advocates; at least 2 consumer advocates; at least 2 real estate appraisers (or representatives of real estate appraiser trade groups); at least 1 small lender (or representative of a trade group for small lenders); at least 1 representative of a trade group that represents private investors; at least 2 representatives of appraisal management companies or trade groups for such companies; at least 2 individuals who are industry experts on alternative valuation models; and at least 1 representative of the organization that adopts the appraisal standards and appraiser qualification criteria under title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3331 et seq.). The Task Force shall terminate upon the expiration of the 5-year period beginning on the date of the enactment of this Act.
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Sec. 3
Real Estate Valuation Task Force
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