Full disclosure update 1/15/08

[Lobo Fan]

I know it is fairly common to encounter serious errors in the assessor's records. Favorites include vacant lot assessments where large site built homes have stood for more than five years. Other errors cannot be confirmed until compared with actual field measurements.

But it does seem that the state is prepared to create a single database of all assessor's records and offer the data to whomever. Maybe this should be a subscription service rather than a free offering to big business special interests.

A good area is near Coors and I40 where AVMs (and unscrupulous appraisers) will bring in the Oxbow neighborhood into comparisons of totally disimilar properties.

Despite various opinions on my professionalism, I think I can clean up fairly well, and stay civil long enough to present a decent argument for non-disclosure. Count me in if you get into any lobbying efforts.

 

[Mark to market]

I have been giving some more thought to the comment from Appraisal Board member John Howden in the Alb Journal, which if I recall right stated that we need full disclosure so that big banking can verify appraisals as appraisers are “cooking the books”.

It seems to me that if big banking really wants to verify appraisal data there are several ways that they can do so which will not involve outlandish payments by the NM public, will continue to insure taxpayer privacy and will not make the public liable for false information.

The first and most obvious way is for banks to pony up some MLS fees. I know that they are kind of high, but if I can afford them I am sure the banks can. For those areas outside of MLS the UW could actually call and verify the data with local brokers, compile their own database or simply order a review appraisal.

If the powers that be would like to go beyond verification, mandated reviews of a certain percentage of appraisals (as mentioned by others) would seem to be a very reasonable way to take quality control to the next level. It is in all of our interests to instill confidence and trust for both the public and investors. Four hundred dollars for a review appraisal on a typical home of $250,000 is a very cheap way to do so.