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Appraisal industry in disarray

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Tiny280

Sophomore Member
Joined
Jan 17, 2002
Professional Status
Licensed Appraiser
State
Ohio
Good point there, George. I hope it doesn't come to that.

As for Casper, he sounded like a frustrated underwriter.

Casper, if you lurking, drop me a line. I'll hook you up with some quality appraisers in the Central - Eastern section of Ohio. If you ask real nice, i might even do a few myself :wink: .
 

Kathy in FL

Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Florida
I totally agree that the residential industry has become overrun with irate "form-fillers." Has anyone considered that perhaps this was caused by regulators and lenders saying "Here's the new form...fill it out. Oh, yeah and we want 3 comps within 6 months and 1 mile and less than 15% net adjustments and darn it, if we don't like 'em, we'll make you pick out new ones until you get so mad that you consider strangling yourself with the cord to the fax machine?"

We're all form fillers. We fill out the damned form. We try to make them like it without violating too much of our sense of integrity. (If we have one.) We hope we get paid. If we have a conscience, sooner or later we all become cynical about the "highest and best use" of our profession. Try to do some original thinking or appraise something outside the box (like anything rural!!) and watch how fast the phone rings.

An irate form-filler!!
Kathy
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida

The future is in our hands? The past has never been in our hands. The lender controls the appraisal industry by selecting their "good ole boy" appraiser. I can assure you that there are highly ethical, highly trained appraisers out here. However, if the lenders really wanted to know what the property was worth and weren't really more concerned with making their deal work, this would not be a problem. I review a lot of junk, too. I am not talking about grammar and spelling errors, I am talking about fraud. These appraisers know better, but they know where their pay check comes from. I was just told by a borrower this week that two different lenders told her that I was too conservative and/or a lowball appraiser. I had to spend time translating their words into "honest". I just completed five field reviews for Freddie Mac that was obvious "fraud" with manufactured values. I have asked for permission twice to turn them into our state. Both times, I have received the "I will have to get back to you on that" response. Every time a lender receives one of these type reports, they should automatically impose sanctions (removal from their approved lists, etc) and turn them over to the respective state licensing boards. However, it is too easy to just ignore the problem and let somebody else worry about it. Don't you think that a significant amount of appraisers might fall in line if lenders actually took away their ability to appraise properties for them or actually pressed the state licensing offices to investigate improper appraisals they have received. This is a bigger problem than individual appraisers can control. Do you realize how hard it is for an honest appraiser to survive? Do you realize how few reports we see other than our own? Lenders could help us rid our industry of bad elements if they wanted to!
Hey Casper, If your reading the answers to your post, this is where the problem really is!!!

Good job, Tim :!: :!: :!:
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Everybody presumes 'Casper' to be a he .. but the writing seems too perfect, and there's an undercurrent of feminism to it. What do you wanna bet it was written by comittee, or that 'Casper' is a she?

What say yea?
 

Claude From NY

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
New York
[The appraisal ranks are filled with incompetent, poorly trained, angry, and arrogant individuals who relish the opportunity to "punish" or berate their customers]

Don't sugar coat it Casper, tell us how you really feel about appraisers! :lol: [/quote]
 

wade3333

Senior Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Georgia
Seems to me Casper has a personal problem, Casper hope you have a better day tomorrow. Wade
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
Bill: You might be right. Them educmacated womens are the hole problem in the praisal beness. Them smart women and all them new puters is the problem. Us olde timers will stick to our typewriter, matched pairs and do it the old fashion way. If it was good enough for grandpa, it is good enough for us! :D
 

J in Florida

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I understand Casper's frustration but from over here it appears that any degradation of the residential appraisal industry comes from the Mortgage Industry's voracious appetite for inflated values, and their very real and direct threats toward appraisers who will not provide this product for them. Not 1 day goes by when I don't get a call from some mortgage vulture telling me "if you get me this value you'll get all my business" or "I need to know if this property is gonna come in at $XXXX before I order an appraisal" and on and on and on.

Anyone who thinks for 2 seconds that it is not the mortgage industry that drives this problem is a COMPLETE MORON. I'm sure the LO never thought about a fabricated appraisal that makes the deal work until that sleazy appraiser wised him up to the idea :wink:

The origination industry is shockingly ignorant of the appraisal process and it demands to stay that way. After 20 years into this industry, 9 spent in the employ of mortgage companies (some of the largest in the country) I firmly believe it is because of the gutlessness of management by deliberately failing to train their staff about appraisals. They can't cry and scream and act like little b*tches when they don't get what they want if they understand the problems, so the chose to stay ignorant of the problems.

My opinion is that AVM and BPO's are their ways to try to get around prudent risk analysis by bypassing appraisers who are either honest and unfortunately kill some deals or they figure the appraiser is ecomonically blackmailed to misrepresent the property anyway so why waste their time.

If the origination industry would act like the professionals they claim to be then most of this problems would disappear.
 

Leon Stewart

Member
Joined
Jan 15, 2002
Casper:

I assume you are not connected to the Appraisal Profession since you don't seem to know very much about it. If you had some elementary knowledge of this business you would know that the Appraiser has very little to do with it.

leart3
 
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