Home appraisals are produced for millions of residential mortgage transactions each year, but appraisals are rarely … below the transaction price. We exploit a unique data set to show that the mortgage application process creates an incentive …

Supersedes Working Paper 13-27. Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth …

During the housing crisis, it came to be recognized that inflated home mortgage appraisals were widespread during the … adopt the Home Valuation Code of Conduct (HVCC). Using unique data sets that contain both approved and nonapproved mortgage … applications, this study provides an empirical examination of the impact of the HVCC on appraisal and mortgage outcomes. The …

few, if any, offsetting benefits. We also provide early analysis of the new mortgage servicing rules enacted by the …