HUD dissolves policies created by PAVE task force

The Department of Housing and Urban Development has “effectively disband[ed]” the Biden-era interagency Property Appraisal and Valuation Equity initiative, the federal housing agency announced late Thursday.

The department withdrew three mortgagee letters related to appraisal reviews, including the reconsideration of value process, it noted in its press release. These recessions were previously highlighted in an FHA mortgagee letter in March.

The move eliminates “unnecessary regulatory hurdles” impacting the mortgage industry and will help the Federal Housing Administration better serve homebuyers and homeowners, the department said in a statement.

HUD Secretary Scott Turner, who also recently terminated the Affirmatively Furthering Fair Housing rule, noted the elimination of PAVE-related…