appraisal mill
n. An unscrupulous company that provides misleading or erroneous appraisals, particularly for real estate.

Example Citations:
Still, some experts say the system needs an overhaul, from the "appraisal mills" and "mortgage mills" that started the frenzy to the "foreclosure mills" now in play.
—Kimberly Miller, "Halt reveals lenders', firms' dubious moves," Palm Beach Post, October 24, 2010

And as it turns out, there are plenty of legitimate concerns about the new reforms, including the establishment of Appraisal Management Companies — unregulated third-party appraisal mills.
—Joe Weisenthal, "Wait, Maybe The Realtors Aren't Wrong This Time," The Business Insider, June 25, 2009

Earliest Citation:
It is likely that if I replied the sender would suggest I order a domain value "appraisal" from a party of his choice, maybe sedo (via an affilate [sic] link) or a appraisal mill.
—"Domain scam email," Ambrand.com, March 14, 2006

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