"Appraiser Camp for Executives"

[Lost Cause]

Good Luck!

The problem with this suggestion is trying to find executives who: 1) believe in the central importance or appraisal in the current crisis, and 2) care.

For most executives, appraisals are nothing more than file filler; just another regulatory hurdle that does not require significant attention, something that is unlikely to change.

 

[Mike Kennedy]

One 10 minute Tele-Conference by the OCC & FBI Directors announcing revision to Title XI and RESPA which

make providing written or verbal Contract or Binder Price, Loan Amount, LTV, AVM, BPO, prior Appraisal or

Owners' estimated value to any Licensed Appraiser a Federal Misdemeanor or Felony (depending on $$$)

enforced under existing Federal and State Conspiracy, Collusion, and/or Fraud Laws by the FBI White Collar

Task Force in conjunction with the U.S. Attorney General via Individual State Attorneys General beginning

January 1, 2009 -


is sufficent.

 

[Restrain]

They do not want appraisals. It's an impediment to making the deals work. After all, the money boys made a bunch avoiding them the first time, so what makes you think they really want honest appraisals now? All smoke and mirrors.

 

[Don Clark]

Given the absolutely central importance of the appraisal profession to this current crisis, perhaps some appraisal instructors and other professionals could get together and create an "Appraiser Camp for Executives."

This could be 4 hours to 2 days long and be taught over the weekend. Key politicians, executives and media people could be provided scholarships for attendance. Likely candidates:

1. Jim Cramer [Read the current Jim Cramer thread]
2. Cuomo
3. Bernanke
4 ....

Seriously. We need to really bring attention to the problem of over-valuation and its root causes, including the role of AMCs, lenders, mortgage brokers and so on.

Heck, we could expand on the business dynamics of all business participants with the lengthier 1-2 day course.

A little help from the AI could be expected, I would think.


Bert Craytor, SRA

Bert,

Great idea. I volunteer as an instructor. I would add to that list....all CEO's of major banks, credit unions, Fannie Mae, and Freddie Mac.

 

[Ross (CO)]

Ditto what Mike said !

....and, if they want an appraiser's appraisal.....it's pre-paid before the report is delivered.

With stipulations like those.....they'll just go back to their AVM's and BPO's.....like they turned to so heavily during the dynamic years of 2004 through 2006, the pedal-to-the-metal, no property inspection necessary, no income verified and exotic loan product boom years when it appeard that home prices were rocketing to the moon.

Oooooppppps.

 

[Mike Garrett RAA]

Positively a brilliant idea...I don't volunteer!

 

[Mike Kennedy]

Didn't expect you would Mike. :icon_mrgreen:

 

[Stone]

Didn't expect you would Mike. :icon_mrgreen:

Just like I don't expect you to understand why contract analysis doesn't belong with LTV and owner's estimate of value. :new_smile-l:

 

[Mike Kennedy]

A bullseye is a bullseye.

BIAS: a preference or inclination that precludes an appraiser’s impartiality, independence, or objectivity in an assignment.

PRICE: the amount asked, offered, or paid for a property.
Comment: Once stated, price is a fact, whether it is publicly disclosed or retained in private. Because of the financial capabilities, motivations, or special interests of a given buyer or seller, the price paid for a property may or may not have any relation to the value that might be ascribed to that property by others.

(b)
identify the intended use of the appraiser’s opinions and conclusions;(note6 )


Comment: An appraiser must not allow the intended use of an assignment or a client’s objectives to cause the assignment results to be biased.

 

[Stone]

A bullseye is a bullseye.

BIAS: a preference or inclination that precludes an appraiser’s impartiality, independence, or objectivity in an assignment.

Same 'ole same 'ole cut and paste response. You don't see value in appraisers reading contracts so there isn't any. And you have the ability to cut and paste a definition to prove it.

My favorite part of the typical bullseye contract discussion is when you explain that of course you follow USPAP and analyze the contract. It doesn't cause you to lose your independence. It is only those other appraisers who cannot read a contract and remain neutral.