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AGA Files Statement With the House Finance Subcommittee

The ""American Guild of Appraisers (AGA)"":http://www.appraisersguild.org/ has officially filed a statement with congressional legislators as part of a recent hearing titled, ""Appraisal Oversight: The Regulatory Impact on Consumers and Businesses.""


Conducted by the Insurance, Housing, and Community Opportunity Committee of the ""House Finance Subcommittee"":http://www.financialservices.house.gov/, the AGA was asked to submit a statement of record to assist the lawmakers as they proposals directed at improving appraisal regulation, enforcement, and oversight.


Peter Vidi, president of the AGA, provided the group's statement to the subcommittee, and the document addressed several key issues including customary and reasonable fee structures, the preservation of state registration for appraisal management companies, and the ability of state boards to secure proper enforcement for reporting USPAP violations.

In a release detailing the AGA's statement submission, the organization said that it is also working with consumer organizations to ""ensure that consumers have the benefit and protection of professional appraisals, not just a mortgage organization but in circumstances of distress such as a short sale or pre-foreclosure proceeding.""

Elaborating on the recent developments, Vidi said, ""The practices of many appraisal management companies are threatening the reliability of appraisals to the detriment of borrowers and taxpayers and causing large numbers of experienced appraisers to leave the profession. Borrowers and lenders alike in theory rely on the honesty and accuracy of appraisals in making lending and borrowing decisions.""

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