huge majority of There have been Congressional
Americans believe home movements towards regulating
appraisers do not provide appraisers, but no bills have
an unbiased opinion of value made it through Congress amid
making appraisals, skewing widespread speculation that many
appraisals in favor of mortgage states would pass their own laws
companies and banks, according to to further control and regulate
a new opinion poll conducted by appraisers. Appraisers are
Housing Predictor. licensed in the majority of
states.
Some 75% of those surveyed said
appraisers do not provide an An automated system for
unbiased opinion, and only 25% determining the value of
said they provide an unbiased properties has also been
opinion of value. The online considered by some mortgage
survey was conducted over the companies, but federal guidelines
last month on Housing Predictor, require a full appraisal to
which regularly surveys visitors resell mortgages on the secondary
on a variety of real estate market, forcing lenders to
related subjects. provide the appraisals as part of
the package to obtain approvals
The huge majority shows an on their loans.
increasing trend that appraisers
are biased in favor of mortgage Appraisers are under increasing
companies and banks, where they scrutiny amid fall out from the
get the majority of their subprime loan crisis and are
business. Three out of four increasingly being called on to
surveyed believe appraisers are testify in upcoming trials
biased in the work they conduct. against mortgage brokers and
lenders in relationship to
mortgages that borrowers are google_ad_height = 90;
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About the Author:
Mike Colpitts is the Editor of Housing Predictor, which forecasts housing market futures in all 50 U.S. states. Visit http://www.housingpredictor.com
