Author: Michael LaCour-Little
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
We empirically examine the effect of appraisal quality on subsequent mortgage loan performance using data from the high volatility housing market of Alaska in the 1980s. We develop measures of appraisal quality by computing the residual between a hedonic estimate of house value using available information from other appraisals compared to actual ex ante appraised value. We then estimate proportional hazard models of mortgage default and find that several measures of appraisal quality, particularly appraised value in excess of hedonic estimates, are significantly related to default risk. Using valuations subsequent to loan default, we are also able to evaluate how well house price indices perform in terms of estimating current loan-to-value and offer some additional evidence on the controversy over the role of net equity versus trigger events as determinants of mortgage default. We also show that defaults are related to ex ante measures of housing market conditions, with additional implications for underwriting policies and the current industry trend away from traditional appraisal and toward automated valuation.
Appraisal Quality and Residential Mortgage Default
Author: Michael LaCour-Little
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
We empirically examine the effect of appraisal quality on subsequent mortgage loan performance using data from the high volatility housing market of Alaska in the 1980s. We develop measures of appraisal quality by computing the residual between a hedonic estimate of house value using available information from other appraisals compared to actual ex ante appraised value. We then estimate proportional hazard models of mortgage default and find that several measures of appraisal quality, particularly appraised value in excess of hedonic estimates, are significantly related to default risk. Using valuations subsequent to loan default, we are also able to evaluate how well house price indices perform in terms of estimating current loan-to-value and offer some additional evidence on the controversy over the role of net equity versus trigger events as determinants of mortgage default. We also show that defaults are related to ex ante measures of housing market conditions, with additional implications for underwriting policies and the current industry trend away from traditional appraisal and toward automated valuation.
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
We empirically examine the effect of appraisal quality on subsequent mortgage loan performance using data from the high volatility housing market of Alaska in the 1980s. We develop measures of appraisal quality by computing the residual between a hedonic estimate of house value using available information from other appraisals compared to actual ex ante appraised value. We then estimate proportional hazard models of mortgage default and find that several measures of appraisal quality, particularly appraised value in excess of hedonic estimates, are significantly related to default risk. Using valuations subsequent to loan default, we are also able to evaluate how well house price indices perform in terms of estimating current loan-to-value and offer some additional evidence on the controversy over the role of net equity versus trigger events as determinants of mortgage default. We also show that defaults are related to ex ante measures of housing market conditions, with additional implications for underwriting policies and the current industry trend away from traditional appraisal and toward automated valuation.
Appraisal Quality and Residential Mortgage Default
Author: Stephen Malpezzi
Publisher:
ISBN:
Category : Default (Finance)
Languages : en
Pages : 26
Book Description
Publisher:
ISBN:
Category : Default (Finance)
Languages : en
Pages : 26
Book Description
Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry
Author: William B. Shear
Publisher: DIANE Publishing
ISBN: 1437988695
Category : Law
Languages : en
Pages : 60
Book Description
Real estate valuations, which encompass appraisals and other estimation methods, have come under increased scrutiny in the wake of the recent mortgage crisis. The Dodd- Frank Wall Street Reform and Consumer Protection Act mandated this study of the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct, which established appraiser independence requirements for mortgages sold to Fannie Mae and Freddie Mac. This report examined: (1) the use of different valuation methods; (2) factors affecting consumer costs for appraisals and appraisal disclosure requirements; and (3) conflict-of-interest and appraiser selection policies and views on their impact. A print on demand report.
Publisher: DIANE Publishing
ISBN: 1437988695
Category : Law
Languages : en
Pages : 60
Book Description
Real estate valuations, which encompass appraisals and other estimation methods, have come under increased scrutiny in the wake of the recent mortgage crisis. The Dodd- Frank Wall Street Reform and Consumer Protection Act mandated this study of the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct, which established appraiser independence requirements for mortgages sold to Fannie Mae and Freddie Mac. This report examined: (1) the use of different valuation methods; (2) factors affecting consumer costs for appraisals and appraisal disclosure requirements; and (3) conflict-of-interest and appraiser selection policies and views on their impact. A print on demand report.
Household Credit Usage
Author: B. W. Ambrose
Publisher: Springer
ISBN: 0230608914
Category : Business & Economics
Languages : en
Pages : 293
Book Description
In response to growing interest in household finance, this collection of essays with a foreword by John Y. Campbell, studies household and consumer use of credit instruments. It shows how individual consumers and households utilize various credit alternatives in managing their consumption and savings and suggests areas for future research.
Publisher: Springer
ISBN: 0230608914
Category : Business & Economics
Languages : en
Pages : 293
Book Description
In response to growing interest in household finance, this collection of essays with a foreword by John Y. Campbell, studies household and consumer use of credit instruments. It shows how individual consumers and households utilize various credit alternatives in managing their consumption and savings and suggests areas for future research.
Valuation Analysis for Home Mortgage Insurance
Author: United States. Department of Housing and Urban Development. Single Family Development Division
Publisher:
ISBN:
Category : Mortgage guarantee insurance
Languages : en
Pages : 264
Book Description
Publisher:
ISBN:
Category : Mortgage guarantee insurance
Languages : en
Pages : 264
Book Description
An Appraisal Report Primer for Residential Lenders and Underwriters
Author: William N. Kinnard
Publisher:
ISBN:
Category : Real property
Languages : en
Pages : 22
Book Description
Publisher:
ISBN:
Category : Real property
Languages : en
Pages : 22
Book Description
Valuation by Comparison
Author: Mark Rattermann
Publisher: Appraisal Institute
ISBN: 9780922154937
Category : Residential real estate
Languages : en
Pages : 132
Book Description
Publisher: Appraisal Institute
ISBN: 9780922154937
Category : Residential real estate
Languages : en
Pages : 132
Book Description
Singlefamily housing HUD's riskbased oversight of appraisers could be enhanced : report to congressional addressees.
Author:
Publisher: DIANE Publishing
ISBN: 1428938060
Category :
Languages : en
Pages : 44
Book Description
Publisher: DIANE Publishing
ISBN: 1428938060
Category :
Languages : en
Pages : 44
Book Description
Journal of Housing Research
Lender's Guide to the Lender Appraisal Processing Program
Author: United States. Veterans Benefits Administration
Publisher:
ISBN:
Category : Appraisers
Languages : en
Pages : 56
Book Description
Publisher:
ISBN:
Category : Appraisers
Languages : en
Pages : 56
Book Description