Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry – GAO
Yesterday, the GAO released its analysis of the Real Estate Appraisal Profession and its regulatory framework titled Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry. Full report can be reviewed or downloaded below. Summary of analysis: Real estate valuations, which encompass appraisals and other estimation methods, have come under increased scrutiny in the wake of the recent mortgage crisis. The Dodd- Frank Wall Street Reform and Consumer Protection Act (the Act) mandated that GAO study the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct (HVCC), which established appraiser...
