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Volume 22 - Number 8

April 13, 2018

Generous Appraisals Hurt Loan Performance

Inflated house appraisals known as markups lead to higher mortgage delinquencies and slower prepayments, according to a new paper by the Federal Housing Finance Agency’s Office of Policy Analysis and Research. The researchers defined markups as instances where appraisals for purchase mortgages and refinances set home values higher than those generated by automated valuation models. The working paper was based in part on home-price data on more than 100 million ...

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