Hearing entitled "Mortgage Origination: The Impact of Recent Changes on Homeowners and Businesses"
Wednesday, July 13, 2011
House Committee on Financial Services
Subcommittee on Insurance, Housing and Community Opportunity
Excerpt from Sara Stephens:
"...we believe the work of appraisers is vastly underutilized by mortgage lenders today, and facing severe strain as a result of a conflicted and burdensome regulatory environment. Real estate appraisers are professional analysts of real property markets. They are trained to research and investigate the behaviors of buyers and sellers in the market. An appraisal is a professional service. It is not like a flood certification, which can be generated by a click of a button. Credible appraisals require research, analysis, inspection and rigorous training. They require competence, independence, and ethics.
However, many mortgage lenders, and sadly, some government agency officials, fail to recognize this distinction, helping to promote commoditization of appraisals, as if they were all the same or created equally "
Her testimony is here.
All testimony is here.
Ed: I realize this is old news, but I am posting it here so it can be referred to easily by anyone who wishes to.