Real Estate Valuation Task Force
Board and Commission Details
Function
(a) The Task Force shall have the following duties: (1) 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; (2) to the extent that standards or guidance described under paragraph (1) are not harmonized, the Task Force shall issue a report to the General Assembly explaining why harmonization cannot or should not be implemented; (3) 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; (4) 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; (5) identify specific causes of such racial disparities and (i) adopt changes to address such causes; or (ii) if the Task Force determines that additional statutory authority is needed to adopt such changes, issue a report to the General Assembly describing the needed statutory authority; and (6) evaluate whether there are any barriers to entry that are disproportionately preventing minorities from entering into the appraisal profession. (b) In carrying out its duties under this Act, the Task Force shall consult with the following individuals or entities:(i) civil rights advocates; (ii) consumer advocates; (iii) real estate appraisers; (iv) small lenders; (v) trade groups; (vi) appraisal management companies; (vii) experts on alternative valuation models; and (viii) an organization that adopts appraisal standards and appraiser qualification criteria.
Senate Confirmation
No
Compensation
N/A
Composition
(1) 4 members appointed one each by the Speaker of the House of Representatives, the Minority Leader of the House of Representatives, the President of the Senate, and the Minority Leader of the Senate; (2) the Secretary of Financial and Professional Regulation, or a designee; (3) the Director of Commerce and Economic Opportunity, or a designee; (4) the Director of Human Rights, or a designee; (5) the Director of Revenue, or a designee; (6) the Executive Director of the Illinois Housing Development Authority, or a designee; (7) a representative of a statewide banking association representing banks of all asset sizes, appointed by the Governor; (8) a representative of a statewide banking association exclusively representing banks with assets below $20,000,000,000, appointed by the Governor; (9) a representative of a statewide association representing credit unions, appointed by the Governor; (10) a representative of an agency, organization, or association advocating for fair housing, appointed by the Governor; (11) a representative of an agency, organization, or association for consumer protection, appointed by the Governor; and (12) a representative of a statewide appraisal organization, appointed by the Governor.
Authority
Public Act 102-0934
Member Names
| Name | Member Expiration | Member Since | Affiliation | Appointed By | Position | Title | County |
|---|---|---|---|---|---|---|---|
| Evans, Jr., Rep. Marcus C. | 08/22/2023 | Speaker of the House of Representatives | Member | ||||
| Hofacker, Dan | 07/20/2022 | Minority Leader of the House of Representatives | Member | Cook | |||
| Vacant | Senate President | Member | |||||
| Baker, Jeffrey | 07/07/2022 | Minority Leader of the Senate | Member | Sangamon | |||
| Vacant | Statute | Member | Secretary of Department of Financial and Professional Regulation, or a designee | ||||
| Quinones, G. Tito | Statute | Member | Director of Department of Commerce and Economic Opportunity, or a designee | ||||
| Monroy, Steven | 10/28/2022 | Statute | Member | Director of Department of Human Rights, or a designee | |||
| Bailey, Adrianne Suits | 03/30/2023 | Statute | Member | Director of Department of Revenue, or a designee | |||
| Gumucio, Javier | 03/29/2023 | Statute | Member | Executive Director of the Illinois Housing Development Authority, or a designee | |||
| Walker, Ashia | 09/15/2023 | Governor | Member | Representative of a statewide banking association representing banks of all asset size | Kane | ||
| Cumbie, Jamie | 04/07/2023 | Governor | Member | Representative of a statewide banking association exclusively representing banks with assets below $20,000,000,000 | |||
| Fears, Deborah | 03/31/2023 | Governor | Member | Representative of a statewide association representing credit unions | |||
| Simpkins, Anthony E. | 03/24/2023 | Governor | Member | Representative of an agency, organization, or association advocating for fair housing | |||
| Halm, Cassandra | 07/21/2023 | Governor | Member | Representative of an agency, organization, or association for consumer protection | McLean | ||
| Brown, Paul D. | 03/24/2023 | Governor | Member | Representative of a statewide appraisal organization |