Revised Appraisal Code Generates Conflict

NW Appraiser at 04:46 2008-12-30 said:

As an Appraiser of 16 years, I can say that this regulation is a complete slap in the face to all in the appraisal industry!! Forcing Appraisers to be apart of appraisal management companies that TAKE A CUT of the appraisal fee in order to pay the Appraiser LESS for the appraisal is out-freaking-rageous!! When I began my appraisal career in 1992, the fee for a full appraisal was $400. Ridiculously, the fee has not gone up one penny in the past 16 years!! In fact, fees have gone DOWN!! By the way, appraisal management companies compete for work you government idiots (Yeah, I'm talking to you Cuomo).

I have appraisal management companies contact me all of the time to do, of all things, "COMP SEARCHES" to see if the deal is going to "work out" before they order the appraisal!!!!! This is not an unbiased thing to do is it??!! Of course it's not. They do it because they will only be used if they can produce appraisals that consistently "come in to value"!!! Otherwise, the broker or bank will move on to the next AMC. Get it in your heads people, this is another un-thoughtout government steaming pile manure that doesn't care what the unintended consequences are. That's not their job. Their job is to knee-jerk react to anything and everything they think will garner them public favor!! Nothing more!!

Have licensing fees gone down in the past 16 years? Has education expenses gone down in the past 16 years? Has error and ommissions insurance gone down? Has the cost of paper gone down? The cost of toner/ink gone down? The cost of appraisal software? The cost of gas? The cost of absolutely anything at all in all other areas of the financial industry (title fees, lender fees, broker fees, realtor fees, etc.) gone down? And most importantly of all, has the Appraiser's liablity gone down at all in past 16 years?! THE ANSWER IS NO!! WHY ON GOD'S GREEN EARTH WOULD WE REDUCE FEES AN EXPECT BETTER RESULTS?! ARE THESE PEOPLE EFFING NUTS???

So, should it come as any surprise that Appraisers are more than a little pissed off at this total outrage?! CONTACT AN ATTORNEY IMMEDIATELY PEOPLE!!! THIS IS A BOONDOGGLE THAT MUST BE STOPPED DEAD IN ITS TRACKS!!! This means you too Brokers and everyone else in the industry. Permalink

bigrock at 05:08 2008-12-30 said:

its funny that the reason Cuemo was involved in the first place was because a AMC and WaMu were working to direct appraisal work to those players who "Would Play Along" and help Wa Mu "MAKE LOANS".

and now, the AMC solution is the solution????

Was not Cuemo on the board of a AMC at one time? maybe that would be a good story...

What a joke.... Permalink

Jack Weston at 07:02 2008-12-31 said:

I just turned down two jobs from LSI and one from Lighthouse because the dealine was unrealistic and the price too low. There will be all kinds of AMC's popping up in the future and they will be competing with each other. Some will end up paying more for quality. Some, like LSI, will keep trying to chop costs and end up with the dregs (Has anybody noticed how ridiculous their requirements have become for the fees they pay and their absurd online ordering system).

Remember, the lenders want to make secure loans and the only way to do that is to have quality appraisals.

Turn down the job. It won't be long before they will need us more than we need them. Permalink