MLS and Public Records Largely Agree on Comparable Prices

Posted To: MND NewsWire

Appraised values are key in underwriting a mortgage loan and CoreLogic says one of the challenges is to make sure the information an appraisal provides is valid. Appraisers are supposed to use current or recent transactions within the same market with similar physical and economic characteristics. These comparable sales serve as the baseline information on which the appraisal is developed. Yanling Mayer, writing in the CoreLogic Insights blog says that, “In a demanding regulatory environment, appraisal reviewers and underwriters have increasingly incorporated automated appraisal review technology for faster and more cost-effective collateral underwriting and process control ─ while ensuring the appraisal report reflects industry’s best practices, standards and guidelines, as well as requirements…(read more)

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Source: Mortgage News Daily

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