Real estate valuations, which encompass appraisals and other estimation methods, have come under increased scrutiny in the wake of the recent mortgage crisis. The Dodd- Frank Wall Street Reform and Consumer Protection Act mandated this study of the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct, which established appraiser independence requirements for mortgages sold to Fannie Mae and Freddie Mac. This report examined: (1) the use of different valuation methods; (2) factors affecting consumer costs for appraisals and appraisal disclosure requirements; and (3) conflict-of-interest and appraiser selection policies and views on their impact. A print on demand report.USPAP requires appraisers to use as many of the three approaches as are applicable for each property. ... time and effort on the part of the appraiser, appraisers typically do not adjust their fees on this basis, according to appraisers we spoke with. ... amount that independent fee appraisers would charge lenders when working with them directly, and lenders generally pass on the entire cost to consumers.
|Title||:||Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry|
|Author||:||William B. Shear|
|Publisher||:||DIANE Publishing - 2011|