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H.R. 1723, The Fair FHA Appraisal Act of 2007 (3 comments ↓)
H.R. 1723 would amend the National Housing Act to ensure fair appraisals in connection with mortgages insured under the FHA single family mortgage insurance program.
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Association for Homeowners Across America
This bill is long over due. Far too often builders, lenders, realtors and even homebuyers attempt to influence the assessed value of the property in question. This practice has artificially driven prices up and made other similar homes more expensive and less affordable to to potential homebuyers. This bill will bring integrity back to the appraisal process within the FHA loan program.
Len Fishman
This bill would turn back the clock to the mid-1990's when FHA used a "blind draw" for appraisers. Lenders, Realtors and homeowners were bribing appraisers on a daily basis and some appraisers learned how to "pressure" people the lenders, Realtors and homeowners into larger fees and other items of payment.
Appraisers are regulated - we don't need a flawed system to re-appear... we need enforcement of existing rules, regulations and laws!
Frank Hammond
This is the only way the coercion of appraisers by mortgage brokers can be eliminated from the process. If a broker controls an appraiser's livelihood inflated values will result. Mortgage brokers often make payment for appraisals contingent on the results of the appraisal. This is a fact of life in the appraisal business. The rotation of appraisers, a blind draw, is the only way to insure that Broker coercion is eliminated.