I agree that appraisers accept the scope of work when taking an assignment, but that doesn't address the bigger issue.
Shouldn't Freddie Mac, Fannie Mae, or even the Appraisal Institute take the initiative to conduct an independent study determining how much time, research, and verification it actually takes to produce an appraisal report that meets the standards they expect?
Publish those findings and establish a reasonable fee benchmark based on the actual work required. Whatever that number turns out to be, lenders paying less should be required to justify it, or the loan should not qualify for purchase by the GSEs.
This would have tremendous benefits, most importantly improving appraisal quality by allowing appraisers to dedicate the necessary time and resources to their work. It would also encourage experienced appraisers to remain in the profession and attract a new generation.
In an average purchase or refinance transaction, the appraiser is often one of the lowest-paid professionals involved, yet carries arguably the greatest professional responsibility.
To continuously demand higher standards while hiding behind "let the market determine the fee," without even making an effort to establish what it reasonably costs to meet those standards, is a serious failure of responsibility.
Why allow an entire profession to deteriorate this way? Unless that is intentional, which I hope it is not, why aren't the institutions that depend on appraisers taking meaningful action?
I genuinely believe that whichever institution takes the lead on this initiative will become a hero to the appraisal profession. And the benefits would extend far beyond appraisers, resulting in better appraisal quality, more reliable valuations, and having a better stronger portfolio of loans.
It is an opportunity for one of these institutions to show real leadership.