In its white paper "Comprehensive Blueprint for Residential Appraisal Reform," the National Home Builders Association advocated for changes to the residential appraisal system, saying it would restore consumer confidence in the residential real estate market and establish a foundation for sustainable growth of the U.S. economy.
The white paper, written by the association's Appraisal Working Group, argues that standards need to be national, not regulated on a state-by-state basis. The variation in standards does consumers a disservice, NAHB maintains.
"The states are responsible for oversight of appraisal practices, but many states do not provide the funding necessary to perform this function adequately," said Barry Rutenberg, co-chair of the AWG.
The group wants to create a system that fosters ethics and uniformity, has minimum education standards, monitors state appraisal boards, supports education and training and ensures appraiser independence.
"A modest investment in appraiser licensing and certification would go a long way toward improving the appraisal system," Rutenberg said.
