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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.
"Real estate valuations, whichencompass appraisals and otherestimation methods, have come underincreased scrutiny in the wake of therecent mortgage crisis. The Dodd-Frank Wall Street Reform andConsumer Protection Act (the Act)mandated that GAO study the variousvaluation methods and the optionsavailable for selecting appraisers, aswell as the Home Valuation Code ofConduct (HVCC), which establishedappraiser independence requirementsfor mortgages sold to Fannie Mae andFreddie Mac (the enterprises). GAOexamined (1) the use of differentvaluation methods, (2) factors affectingconsumer costs for appraisals andappraisal disclosure requirements, and(3) conflict-of-interest and appraiserselection policies and views on theirimpact. To address these objectives,GAO analyzed government andindustry data; reviewed academic andindustry literature; examined federalpolicies and regulations, professionalstandards, and internal policies andprocedures of lenders and appraisalmanagement companies (AMC); andinterviewed a broad range of industryparticipants and observers."
Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry

Mortgage Origination

United States. Congress. House. Committee on Financial Services. Subcommittee on Insurance, Housing, and Community Opportunity

Published: 2012

Total Pages: 272


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