(RECAP: The Housing and Insurance Subcommittee held a hearing on Wednesday to discuss necessary changes to the appraisal industry. “Today’s hearing focused on a topic that isn’t often on television or in the newspapers yet is an vital issue that impacts Americans across the country who are buying or selling homes. The last meaningful update of the appraisal structure was in 1989, and while the marketplace has evolved, the regulatory regime remains stuck in the past,” said Subcommittee Chairman Luetkemeyer (R-MO). “Ultimately, our nation’s appraisal system is unnecessarily complicated and outdated. That complexity impacts homeowners and is, in part, responsible for delayed closings and increased consumer costs.”)

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