http://www.appraisalinstitute.org/ano/current.aspx?volume=10&numbr=19/20
Basically saying, don't blame the appraisers.
Lastly, while we share many of the concerns expressed about the HVCC – most importantly, continuing concerns regarding appraisal quality and consumer disclosure of appraisal and administration fees -- we do not believe it is fair to blame the HVCC for scuttling new homes sales. As stated above, the appraisal is reflective of occurrences within the market, and many markets are facing severe economic transitions today. While the appraisal is a critical safety and soundness component, there are several other factors that contribute to lost sales, not the least of which is stricter underwriting standards by lenders. Appraisals, like supervisory loan-to-value ratio and underwriting requirements exist to help lenders make safe and sound loans.
