Friday, June 15, 2012

Appraisal Industry Hearing - June 28, 2012 - UPDATE #1 6-22-2012 UPDATE #2 6-26-2012

In a release, Chairman Spencer Bachus of the U.S. House of Representatives Financial Services Committee, announced the committee and subcommittee schedule for the month of June, 2012.

There is one interesting among them:

Thursday, June 28:
The Insurance and Housing Community Opportunity Subcommittee will hold a hearing on the appraisal industry and regulations impacting the single-family mortgage market. The hearing will begin at 10 a.m. in room 2128 Rayburn.

As soon as more information is available, we will do our best to update this post.

UPDATE #1 - 6-22-2012: The hearing has been added to the calendar of The Committee on Financial Services and is posted online. The new title of the hearing is "Appraisal Oversight: The Regulatory Impact on Consumers and Businesses". We are waiting to see the makeup of the witness panel.

UPDATE #2 - 6-26-2012: The members of the hearing panels have been posted online. Two panels will be providing testimony. Yours truly is on Panel II, providing comments on behalf of the National Association of REALTORS®. The written testimony will be delivered to the committee today, and should be posted online.


Anonymous said...

Here's newly emerging trend I've noticed with AMC's- desk reviews to rubber-stamp bad appraisals! This was a problem I faced in the 2000's with mortgage brokers calling me to get desk reviews of appraisals so that they could sell the loan to an investor that had approved me as an appraiser, but not the guy they used. I only did a couple, but stopped offering desk reviews at all because it became obvious that the only review they wanted to pay for was the one that said the appraisal they had was good. (By the way, we always were paid in advance for our work back then, something the AMC's don't want to do!) Now I am getting the same requests from AMCs. The last one I did, they kept sending back the revised report (which was still not properly performed) and telling me to hurry up and say it was "acceptable" because the lender wanted to close that day! I have decided that my original decision not to do desk reviews almost 10 years ago is still a good one, and I will not be doing any more of them for anyone!