U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement upon conclusion of the Housing and Insurance Subcommittee hearing titled “Modernizing Appraisals: A Regulatory Review and the Future of the Industry.”

“Today’s hearing focused on a topic that isn’t often on television or in the newspapers yet is an important 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. Ultimately, our nation’s appraisal system is unnecessarily complicated and outdated.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. Today’s hearing gave this Subcommittee an opportunity to examine the past and, more importantly, look to the future of appraisal standards in America. We can and will find a better way that increases consumer choice and maintains market confidence.”