Appraisal Code Sparks Huge Response

I want to thank everyone for the emails into the [e-mail] regarding the Home Valuation Code of Conduct.

Hundreds of mortgage industry representatives, from small and large shops, sent in stories of botched appraisals, of allegedly negligent appraisal management companies, and of lost deals that are so necessary to recovery in this fragile housing market.

Very very few of you argued the opposing side.

I don’t have enough space here to post every response, but I took note of a particular sentence in a research note from Credit Suisse analyst Dan Oppenheim. He was reporting on today’s New Home Sales report from the Dept. of Commerce:

We see low appraisals as a key issue we think will disrupt closings and hurt pricing for some time given the more stringent appraisal guidelines enacted last month. This will likely mean that many orders signed in recent months may not result in closings.

I’m staying on this of course, as I happen to know there will be a huge push on Capitol Hill in the coming months to change the HVCC. Thanks again for your emails and reports.

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