New white paper argues for appraisal system overhaul

The nation’s home appraisal system needs a serious overhaul, according to a white paper prepared by appraiser Joan Trice and members of the Collateral Risk Network, whose more than 300 members represent lenders, government agencies, Wall Street, vendor management companies and appraisers. This was reported on the Nation’s Building News website.

Trice, who is currently working as a consultant for the National Association of Home Builders (NAHB) in its efforts to address the appraisal issue, is preparing a primer geared toward providing association members with information on the appraisal system and appraiser’s role that will help them head off problems with valuations of their homes.

The appraisal process has not been examined since the Great Depression, Trice notes in her paper, “Reengineering the Appraisal Process Redux,” an updated version of which was published last month.

To read more about Trice’s ideas, click here.