Mike Phillips
Senior Member
- Joined
- Dec 16, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Florida
Portions of the Appraisal Buzz interview with Donna Tomposki follow. I have some real problems with what I read in that interview. Note: the interview was long - I deleted about 50% of it and tried not to quote the comments out of context.
(1) (begin quote) Within the Federal Housing Administration, the appraisal buck stops at Donna Tomposki, director of the Home Valuation Policy Division within FHA’s Office of Single Family Program Development in the Washington, D.C., HUD headquarters.
Tomposki has been with HUD almost 10 years and with the Home Valuation Policy Division less than a year. With a background in commercial lending and venture capital and small business, she is now responsible for appraisal policy development and oversight for all FHA appraisal activity. (end quote)
(comment) Ten years at HUD - doing what? Less than one year with HPVD? Great. Background in commercial lending, venture capital and small business. More good news - NOT!!! Sorry, but I don't see anything in that bio that indicates she has any appraisal experience. Where are the experienced appraisers at HUD?
(2) (begin quote) For fiscal year 2007, there were approximately 34,000 roster appraisers. The most recent count revealed a list size of 57,000. “We had a very large surge in applications over the last year,” Tomposki said. FHA is now receiving 50 to 70 applications per day.
In part, that rise was made possible by HUD FHA’s attempts to bring its appraisal policies in line with the rest of the industry, including the removal of the exam requirement.
“It was determined that that was not a great benefit in terms of quality of appraisals, and it was in fact a barrier,” Tomposki said. “A lot of appraisers who were very good didn’t want to take a large exam. We worked to align our practices with the industry’s practices.” That meant adopting the Appraisal Foundation’s standards. (end quote)
(comment) Her lack of appraisal experience clearly shows in that comment. Very good appraisers seek credentials and no good appraiser has ever considered any FHA exam a challenge. Low barriers to entry equates to more of the same for the appraisal industry.
(3) (begin quote) “We didn’t view removing the FHA exam as loosening the requirements. They were essentially replaced by requiring that our appraisers be AQB-compliant,” she said. “That’s the biggest issue for FHA appraisers right now,” Tomposki said. “Essentially, the effect will be we’ll have to remove some licensed appraisers from the roster.”
Approximately 75 to 76 percent of FHA’s roster appraisers are already certified, with the remaining 24 to 25 percent being licensed. (end quote)
(comment) Little does she know, the move to eliminate the Licensed category appraisal license nationwide and the new AQB requirements for Certification is the best news this VOCATION that wants to become a profession has heard since '89. The only glimmer of hope keeping many very good appraisers in the business right now is the probability that the masses of highly unqualified candidates will not be able to get in this business in the future.
(4) (begin quote) Tomposki emphasized, “This was not initiated by FHA. I just want to make that clear. It’s the law, and we must implement.” (end quote)
(comment) Yeah, we know. Too bad HUD didn't have the initiative to do the right thing themselves. Congress has been in the process of shoving a $700 billion bailout bill down the throats of the taxpayers, because as they have acknowledged, they don't really know what else to do. Meanwhile, the only thing the HUD Valuation Chief can manage to do is offer what amounts to an apology to Licensed appraisers.
Lucky for the taxpayers Congress finally put a stop to appraisers with "no less than 12 months" experience being added to the FHA roster, with NO requirement whatsoever that the appraiser demonstrates any knowledge of the HUD 4150.
I guess every other true profession is just misguided by setting appropriate barriers to entry. Yeah, HUD has it right. Let's just sh@@-can the whole appraisal license thing nationwide and let the borrowers, the Realtors, buyers/sellers and especially the mortgage industry tell HUD what the collateral backing FHA loans is worth - that's the smart play.
(1) (begin quote) Within the Federal Housing Administration, the appraisal buck stops at Donna Tomposki, director of the Home Valuation Policy Division within FHA’s Office of Single Family Program Development in the Washington, D.C., HUD headquarters.
Tomposki has been with HUD almost 10 years and with the Home Valuation Policy Division less than a year. With a background in commercial lending and venture capital and small business, she is now responsible for appraisal policy development and oversight for all FHA appraisal activity. (end quote)
(comment) Ten years at HUD - doing what? Less than one year with HPVD? Great. Background in commercial lending, venture capital and small business. More good news - NOT!!! Sorry, but I don't see anything in that bio that indicates she has any appraisal experience. Where are the experienced appraisers at HUD?
(2) (begin quote) For fiscal year 2007, there were approximately 34,000 roster appraisers. The most recent count revealed a list size of 57,000. “We had a very large surge in applications over the last year,” Tomposki said. FHA is now receiving 50 to 70 applications per day.
In part, that rise was made possible by HUD FHA’s attempts to bring its appraisal policies in line with the rest of the industry, including the removal of the exam requirement.
“It was determined that that was not a great benefit in terms of quality of appraisals, and it was in fact a barrier,” Tomposki said. “A lot of appraisers who were very good didn’t want to take a large exam. We worked to align our practices with the industry’s practices.” That meant adopting the Appraisal Foundation’s standards. (end quote)
(comment) Her lack of appraisal experience clearly shows in that comment. Very good appraisers seek credentials and no good appraiser has ever considered any FHA exam a challenge. Low barriers to entry equates to more of the same for the appraisal industry.
(3) (begin quote) “We didn’t view removing the FHA exam as loosening the requirements. They were essentially replaced by requiring that our appraisers be AQB-compliant,” she said. “That’s the biggest issue for FHA appraisers right now,” Tomposki said. “Essentially, the effect will be we’ll have to remove some licensed appraisers from the roster.”
Approximately 75 to 76 percent of FHA’s roster appraisers are already certified, with the remaining 24 to 25 percent being licensed. (end quote)
(comment) Little does she know, the move to eliminate the Licensed category appraisal license nationwide and the new AQB requirements for Certification is the best news this VOCATION that wants to become a profession has heard since '89. The only glimmer of hope keeping many very good appraisers in the business right now is the probability that the masses of highly unqualified candidates will not be able to get in this business in the future.
(4) (begin quote) Tomposki emphasized, “This was not initiated by FHA. I just want to make that clear. It’s the law, and we must implement.” (end quote)
(comment) Yeah, we know. Too bad HUD didn't have the initiative to do the right thing themselves. Congress has been in the process of shoving a $700 billion bailout bill down the throats of the taxpayers, because as they have acknowledged, they don't really know what else to do. Meanwhile, the only thing the HUD Valuation Chief can manage to do is offer what amounts to an apology to Licensed appraisers.
Lucky for the taxpayers Congress finally put a stop to appraisers with "no less than 12 months" experience being added to the FHA roster, with NO requirement whatsoever that the appraiser demonstrates any knowledge of the HUD 4150.
I guess every other true profession is just misguided by setting appropriate barriers to entry. Yeah, HUD has it right. Let's just sh@@-can the whole appraisal license thing nationwide and let the borrowers, the Realtors, buyers/sellers and especially the mortgage industry tell HUD what the collateral backing FHA loans is worth - that's the smart play.
