Washington Report

Advocacy Updates from Washington D.C.

NAR Testifies Before House Subcommittee on Appraisal Issues

On June 28, 2012, Frank Gregoire testified before the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity on behalf of the National Association of REALTORS® (NAR).

Mr. Gregoire is an appraiser member of NAR and two-time Chair of the Appraisal Committee. The hearing was focused on appraisal oversight and the regulatory impact on consumers and businesses. NAR testified on concerns with the appraisal profession, particularly the role being played by appraisal management companies (AMCs).

Other issues include the credible valuation of real property, including appraiser competency and local market knowledge and challenges in accurately estimating market value in stabilizing markets. Developing and reporting property values more accurately is critical to improving market performance, reducing risk and strengthening the housing finance system.

Gregoire said: “REALTORS® know that an accurate appraisal is an important part of the home buying process and that a strong and independent appraisal industry is critical to restoring faith in the mortgage origination process.”

Jerome Nagy, jnagy@realtors.org,  202-383-1233