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Because lenders have found fraudulent/really bad appraisals that Fannie has not or perhaps some of these appraisers are on Freddie's list....I still see appraisal reports that come across my desk in which the appraiser failed to mention external obsolescence or outright lied about the condition of the comps (don't some of these idiots realize that lenders use Google Earth to view the asubject property and that many times the comp listing (including interior photos) often can be found online...when a lender finds a dishonest appraiser they should not have to wait until Fannie adds the appraiser to their list...by that time it may be too late and they may have several repurchases as the GSE'S hold the lender responsible for the appraisal.
Because we all know that no matter what system is set up to try to prevent fraud that some people find ways to game the system. While out and out appraisal fraud is much less frequent than it used to be in my opinion, I have no doubt that there are some lenders that still allow loan production people to influence the appraisal process and I have no doubt that there some small AMC's that are complete shams - setup for no other reason than to provide a lender the ability to feign compliance with appraiser independence requirements while actually allowing loan production people to select and/or influence the appraiser.
True, but there is zero chance that a majority of politicians or the regulators are going to change the system anytime soon to go back to allowing loan officers or mortgage brokers to select the appraiser.