Senate Committee kills bill to give regulatory relief to appraisers
By: Ed Sealover
Appraisers, an aging and thinning sector crucial to Colorado leaders’ goal of increasing the supply of housing statewide, will not get the regulatory relief this session that some industry leaders have said is crucial to avoiding further flight from the profession.
But Michael Flynn, an attorney specializing in mortgage-related work, said that many problems with appraisals, such as using an unnecessarily pricey set of comparable properties to establish home value, aren’t found for more than five years. And when such a problem is discovered, it affects everyone in the chain of transaction, including the lenders dealing with a default and the companies that may have bought loans from them.
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