Appraisals

Last year, Congress enacted legislation called the Home Valuation Code of Contact designed to create distance between appraisers and lenders.  New companies emerged as intermediaries between lenders and appraisers, called Appraisal Management Companies.  The result? Higher costs to consumers (the appraisal is paid for by the Buyer), and often a reduction in quality (many AMCs put the appraisal orders out to bid, awarding the work to the lowest priced bidder and keeping the rest of the...