Appraisal Pressure Archive

NAR Calls for Ban on AMC Indemnification Clauses

On August 11, 2011, National Association of REALTORS® (NAR) President Ron Phipps sent a letter to federal regulators calling for a ban on the use of indemnification clauses used by appraisal management companies (AMCs). The letter was sent to...
August 12, 2011

NAR Releases Appraisal Statement

Today, the National Association of Realtors (NAR) released a statement regarding appraisers and appraiser independence on their appraisal web page. In the statement, NAR expresses concerns about recent attempts to interfere with the appraisal process and the independence of...

Here’s What You Need to Know About HR 4173

As you surely know by know, the President recently signed into law the Frank-Dodd Wall Street Reform and Consumer Protection Act (HR 4173).  Title XIV of the legislation, the Mortgage Reform and Anti-Predatory Lending Act, has significant appraisal reforms...

NAR Supports Appraiser Independence in Recent Testimony

The 2009 National Association of Realtors President, Charles McMillan testified before the House Financial Services Committee on HR 1728, “the Mortgage Reform and Anti-Predatory Lending Act of 2009″ last week. While discussing the legislation, Mr. McMillan specifically addressed Title...

“I doubt that when it rains, people blame the weatherman”

One of our fellow Realtor® Appraisers, Don Orttenburger, recently wrote a letter to the Editors of the Detroit Times, defending appraisers: The tenor of the Feb. 16 article (“Builders losing on new homes”) was that if appraisers just found...
March 3, 2009

“They would get on the phone and scream at me to inflate values.”

Here’s a nice little article discussing appraisal pressure, from the Virginia Pilot: For several years in the mid-2000s, Fincham said, his company, FM & Associates, did steady business with a Virginia Beach mortgage brokerage but faced escalating pressure to...
December 5, 2008

Michigan Taking Action on Appraiser Independence

The Appraisal Institute reports that the Michigan state Legislature is considering three bills that address appraiser independence. HB 4054 would make it a misdemeanor for a mortgage lender to apply pressure to an appraiser. S.B. 343 would make it...
December 2, 2008

HVCC Agreement Coming….Eventually

Today the Federal Housing Finance Administration (FHFA) released its 2008 Performance and Accountability Report. The 186 page document had a couple of brief paragraphs on the infamous appraisal agreement between Fannie Mae, Freddie Mac, and the NYS Attorney General...
November 17, 2008

Appraisal Group sues Countrywide for Appraisal Pressure

An appraisal group in Idaho is suing Countrywide (now Bank of America) for intimidating appraisers and pressuring them to generate reports in line with Countrywide’s business objectives. The suit alleged Countrywide used improper appraisal techniques that benefited the lender...
October 17, 2008

Shot Through the Heart

A snapshot of what we learned while attending the 2008 Fall Conference of the Association of Appraiser Regulatory Officials (AARO) here in Washington, DC Pressure on Appraisers: Appraisers will be happy to know that generally lenders have greatly reduced...
October 6, 2008