Strong Appraisal Industry Critical to Market Performance
In late June, Immediate Past Chairman of NAR’s Real Property Valuation Committee and appraiser, Frank Gregorie addressed Congress and the House Financial Services subcommittee regarding maintaining accurate appraisals, which is key to improving market performance. Gregorie said appraiser competency and the lack of oversight and regulation of appraisal management companies (AMCs) are among the key challenges the industry faces.
Gregorie says that as markets stabilize and improve across the country, that it is also paramount that we discuss the future of valuing real property.
A credible valuation provided by a licensed or certified professional 1) ensures the real property value is sufficient to collateralize the mortgage, 2) protects the mortgagor, 3) allows secondary markets to have confidence in the mortgage products and mortgage backed securities, and 4) builds public trust in the real estate profession.
To read Gregorie’s full testimony, click here. Also, please visit our poll section to give us your opinion on the business of appraisals.