VaCAP and 27 other State Appraisal Organizations reached out to the House Finance Services Committee concerning the upcoming Subcommittee meeting entitled “What’s Your Home Worth,? A Review of the Appraisal Industry” on June 20th. The Network stresses the most qualified to testify on the appraisal profession is an appraiser. The letter also outlines some of the flaws, inconsistencies and realities of the effects of appraisal management companies and how the GSE’s current “appraisal modernization plan ” is actually harmful to consumers, investors, lenders, the housing market and the economy as a whole. Fannie Mae’s own publications are being used as documentation. Hopefully the committee members ask the right questions on consumer protection.
The letter the Network sent can be found below.
Those testifying at this hearing as we understand are:
Jennifer Wagner, Mountain State Justice
Jeff Dickstein, REVAA
Andre Perry, Brookings Institute
Stephen Wagner, Appraisal Institute
Dave Bunton, The Appraisal Foundation.
VaCAP has no knowledge of the questions and testimony that will be presented at this hearing, however, we will have representatives attending in person. The hearing is open to the public and can be streamed if travelling to DC is not your top priority. To set up streaming, go to the House Financial Services Committee website and click on the meeting.
Thank You for Being Part of VaCAP!