Value of Membership: Appraisal Reform

Builder Review continues its highlight of the more than 100 initiatives by your HBA that have saved HBA members during the last year.  Below is another way your HBA is saving our members money.

Taking the Lead to Ensure that Appraisals Accurately Reflect Market Values. Acting aggressively to identify solutions to improve the accuracy of appraisals, NAHB’s Appraisal Working Group is focusing on changes in the areas of regulation and oversight, appraisal practices and standards, appraiser education and experience requirements, and data and technology. Meanwhile, NAHB is calling on Congress and regulators to strengthen appraiser qualifications, develop new appraisal standards and oversight, and create an expedited appeals process.

NAHB has developed tools to help members secure accurate appraisals and continues to hammer home the message to lawmakers, regulators, banks and the appraisal industry that distressed properties should not be compared to new homes. Builders should not be losing sales to an appraisal process gone awry. NAHB continues to make progress with regulators and members of the appraisal industry to correct these major flaws in the appraisal process, ensure that appraisals accurately reflect
true market values and prevent builders from losing sales due to faulty appraisals. For more information, go to www.nahb.org/appraisals.