Star Tribune Wed, 05 Mar 2008 04:18:55 GMT
Housing appraisals: Broken no more?
Appraisers say new rules will help, but some wonder whether it will be tougher to buy or sell a home. ... "It's huge," said Kris Wilson, senior loan officer for Fairway Independent Mortgage in the Twin Cities. "It would remove the problem [that] appraisers complain about, which is undue pressure from brokers to produce the 'right' value." Many appraisers say that they are constant pressured by brokers, lenders and loan officers to hit a certain price. Critics of the industry say that inflated appraisals helped create the bubble that led to the current decline in home values. At issue is whether homeowners and lenders really receive "independent" evaluations of home values from appraisers who say that unless they satisfy the lender, they risk being blacklisted.
[[keywords: Housing;Metro;]]
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