Industry Faults New Home Appraisal Regulations
January 21, 2010
Source: Stephanie Armour, USA Today
Are home appraisal regulations that took affect last year just making things worse?
The Appraisal Institute and the National Association of REALTORS® say these changes aren't good for either consumers or appraisers because they result in appraisers being assigned to unfamiliar areas and uninformed, low-ball appraisals.
The Title/Appraisal Vendor Management Association, the trade association of the real estate settlement services industry, says the third-party firms have well-qualified appraisers doing the work and if appraisals are low, it's only because home prices have fallen.
"It is mistaken to say appraisal management companies are the cause of these values. It's the market," says Don Blanchard, former president of the association and general counsel of Lender Processing Services, which provides appraisal services.