No College Degree for Cert Generals or Residential Appraisers

[alebrewer]

I think that's exactly what he said...

 

[J Grant]

That's not the point of appraiser qualifications. Or any other form of licensing.

The moral and appropriate mode of competition control is in the market, not by the hand of govt. That form of rent seeking behavior is exactly what we are accusing the AMCs of doing, and we're calling them evil for doing it.

View attachment 105226

How many hundreds of posts like this have you made over the years, disparaging appraisers by calling them out for your invented standard of hypocritical behavior, such as you did above?

In addition, the charge is false, since the AMC's ( and the lenders avoiding paying a cost for AMC service ) are the ones benefiting from the hand of the government and rent-seeking behavior.

 

[Zoe]

"What will the lender accept" drives the IRL minimums for appraisal quality metrics. Not what appraisers are capable of doing. Or are capable of learning if it comes down to sink or swim. We can't constantly complain about lenders engaging and using sloppy appraisals without also acknowledging that to be the primary reason those sloppy appraisals exist.

Prove me wrong.

Are you saying I am employee? It sounds that way.

Forgive me. Your vocabulary astounds me at times. I am kindergarten vs your vocabulary.

 

[chad hampton]

The bad actors and unethical stakeholders wouldn’t even have a seat at the table in determining appraisal standards and qualifications if I were king of the profession.

 

[Zoe]

The bad actors and unethical stakeholders wouldn’t even have a seat at the table in determining appraisal standards and qualifications if I were king of the profession.

There you go insulting my girlfriend Joan again. Don't do that.

 

[BRCJR]

I think this is an important point.

I also think that one of the requirements being the value of the property is kind of insane.

If you are licensed, you can appraise up to $1,000,000. What if the contract price on the purchase is $989,000 but through your research the value might come out to $1,050,000 or something like that?

Also why should that requirement apply as a blanket for every state? $1,000,000 in South Dakota might be a huge deal... but $1,000,000 in New Jersey is a 1,500 SF Cape COD in a lot of towns.

Not sure about every state but Virginia, for example, the loan amount cannot exceed the 1,000,000 thresholds. I can appraise a five million dollar dwelling so long as the loan is 1,000,000 or less.

 

[George Hatch]

It apparently does not occur to you that the AMC huge market share exists because of the rent-seeking GOVT PERK created by the bundled fee provision which the AMC industry exploited wrt allowing them to get from a split from their vendors (of the borrower paid appraisal fee, rather than the AMC charging their lender customer a cost for the AMC their product or service, the way normal business do.

I appreciate your accusation that "it didn't occur to me" even though I directly referenced that aspect of it in my prior - which you quoted. You should proceed under the assumption that there's not one single thing about appraising that you are capable of thinking about that I haven't already considered in advance of it occurring to you.

If the discussion is about how much academic + QE is takes to train an appraiser to appraise properties then getting even with the AMCs or protecting our market share are separate issues. Regardless of how evil AMCs and lenders are.

And BTW, the govt didn't create the bundled fee model that the lenders have been patronizing nor is the govt forcing or coercing or encouraging it. To this day the lenders are STILL not required to operate via AMCs. The only thing the govt did was to remove a couple of their previous alternatives for appraisal engagement. The govt DISABLED that option. They didn't ENABLE any of the other options.

 

[J Grant]

Appraisers need govt regulation intervention to protect their meager fees from predation from AMCs;s because of the very regulation that exists around appraisals, chief among them that the consumer borrower can not order their own appraisal, and then that the individual loan officer or mortgage broker can not order their own selected appraiser

To stop the fake charge in its tracks, I am NOT advocating that consumers or borrowers be allowed to select the appraiser. I am neutral on the loan officer allowed to select them but who cares. The point is, there are tremendous regulations around appraisals which impact the supply and demand dynamics, plus how appraisers can charge, yet the shills screech about appraisers wanting a government handout. Appraisers simply want the regulations that existed about C and R prior to it being changed, and the regs enforced- and beyond that, eliminating compensation to the AMC via the bundled HUD, which has y been exploited beyond reasonable comparisons for its use pre HVCC -make the lender pay a cost charge for the AMC service if they want to go that route..

Ironically, Fannie and Freddie themselves felt too constrained by the govt regulations around appraising ( no target values ) so they gamed the system by making the case that no appraisal was needed in a WAIVER /Value acceptance.

 

[George Hatch]

How many hundreds of posts like this have you made over the years, disparaging appraisers by calling them out for your invented standard of hypocritical behavior, such as you did above?

In addition, the charge is false, since the AMC's ( and the lenders avoiding paying a cost for AMC service ) are the ones benefiting from the hand of the government and rent-seeking behavior.

If you're being a hypocrite then that doesn't make saying so a disparagement. It might be "not nice" for me to articulate the observation but the accuracy of the observation still stands.

If your allegation is that the AMCs are guilty because they're profiting from this play then that isn't any different than complaining about appraisers who are profiting from whatever programs they are working. Regardless of the program someone is going to come out ahead by taking advantage of their opportunities and their benefit will most likely come at someone else's perceived expense.

The whole point of being self-employed is to identify and exploit our respective opportunities . Outside of illegal or immoral or unprofessional criteria there's nothing inherently evil about participating in the market on that basis.

 

[J Grant]

I appreciate your accusation that "it didn't occur to me" even though I directly referenced that aspect of it in my prior - which you quoted. You should proceed under the assumption that there's not one single thing about appraising that you are capable of thinking about that I haven't already considered in advance of it occurring to you.

If the discussion is about how much academic + QE is takes to train an appraiser to appraise properties then getting even with the AMCs or protecting our market share are separate issues.

And BTW, the govt didn't create the bundled fee model that the lenders have been patronizing nor is the govt forcing or coercing or encouraging it. To this day the lenders are STILL not required to operate via AMCs. The only thing the govt did was to remove a couple of their alternatives for appraisal engagement. The govt DISABLED that option. They didn't ENABLE any of the other options.

Your history of posting is to twist around anything you are caoable of thinking about in order to disparage appraisers and excuse the stakeholder behavior

I never said the lenders are required to use an AMC . What the govt enabled was that it COST NOTHING for the lender to use an AMC, thus gifting the AMC an enormous market share it would not otherwise have.

I am aware the lender "pays" the AMC; however, it is a pass-through payment from the borrower's paid appraisal fee and does not COST the lender anything ( the majority of the time )

You refusal to acknowledge this reality and how it greatly tipped the scales for lenders to use an AMC is telling.