The database would serve public oversight, and interviews must inform the report
What the document says“The database described in paragraph (2) shall be used to provide the public, the Federal Government, and State governments with residential real estate appraisal data to help determine whether financial institutions, appraisal management companies, appraisers, valuation technologies, such as automated valuation models, and other valuation professionals are effectively serving the entire housing market.”
The section states that the database would give the public and federal and State governments residential appraisal data to help judge whether financial institutions, appraisal management companies, appraisers, valuation technologies, and other valuation professionals are serving the whole housing market. In preparing the report the Comptroller General must interview federal agencies, State licensing and enforcement bodies and attorneys general, appraisers and other valuation professionals, mortgage lenders, fair housing and fair lending experts, and any other relevant stakeholders.
What the document actually says“The database described in paragraph (2) shall be used to provide the public, the Federal Government, and State governments with residential real estate appraisal data to help determine whether financial institutions, appraisal management companies, appraisers, valuation technologies, such as automated valuation models, and other valuation professionals are effectively serving the entire housing market.”
The database would give the public and states data on home values. That data would show whether the people who set values serve the whole market.
Automated valuation models are computer tools that price a home. They sit alongside human appraisers. Both would show up in the data.
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