Hijacked Vocation Completely Collapses

[Mejappz]

http://thenichereport.com/2010/08/appraiser-sound-off-aug-2010-issue/

 

[riblah]

Interesting article- thanks for posting it.

 

[John Hassler]

Ms. Hoover has stated what most of us know. That conventional lending has become the fetid end of the appraisal pond since the introduction of the HVCC. That anyone with the option will get out of conventional lending appraising or appraising altogether as it is a poor long term business plan. As I have said many times, we are in the sorting out process of this governmental change and competent appraisers are being filtered out of the conventional lending segment.

If the goal of the HVCC was to reduce the overall competency of appraiser doing conventional lending work then it is a resounding success.

 

[Lloyd Bonafide]

conventional lending has become the fetid end of the appraisal pond since the introduction of the HVCC. That anyone with the option will get out of conventional lending appraising or appraising altogether as it is a poor long term business plan. As I have said many times, we are in the sorting out process of this governmental change and competent appraisers are being filtered out of the conventional lending segment.

If the goal of the HVCC was to reduce the overall competency of appraiser doing conventional lending work then it is a resounding success.

If you are referring to the large banks, their AMCs, and how they are handling the appraisal process, you might have a point. But from my point of view, I don't agree. But I'm only working for direct lenders, mortgage banks, and one wholesale lender who orders the appraisal for their brokers. All of these types of companies have their own appraisal panels, want a quality report, and the HVCC is working excellent for them and for me, (at least at this time.)

 

[Mike Kennedy]

The legal authority for banks to CHOOSE to utilize AMCs or NOT - existed in Federal Laws for 40+ years folks. The HVCC did NOT mandate use of AMCs. It merely parrotted EXISTING federal laws. Lenders CHOSE to utilize Mortgage Brokers. The results are clear. Many, NOT ALL, chose to violate Federal and State Laws and they, along with their "team player"
Enabler-Duhpraisers deserve exactly what they've gotten and will continue to get. "ye reap what ye sow".

Re AMCs: Evidenced by a fast growing number of posts on this Forum, and others, MANY Lenders have now learned the errors of their Chosen Ways and are re-instituting IN-HOUSE appraisal order processing.

Since 2000 Appraisers on EVERY Forum and in EVERY Appraisal Periodical ......WARNED against placing one's "golden eggs" in a single "basket". Since 2003 at least - Appraisers on THIS Forum yelled, screamed, advised, warned, and pleaded with Members to ..........DIVERSIFY.

Many heeded that advice, thousands across the country were too "busy" to become informed.

I congratulate the author of the article for taking the NECESSARY steps to surge ahead and recommend that Competent Appraiser-readers "clone" her new business plan. Get educated in the myriad of Intended Uses for appraisals and appraisal services, take courses, most especially take a few MARKETING courses - target OTHER niches .....and RETAKE CONTROL of your Practices. If you cannot compete on Competence and Ethics - >>>> there's the door. Can't find it - there are thousands of Ethical Appraisers who will assist you.

Continuing to do what has NOT been successful guarantees the same Result.

 

[John Hassler]

If you are referring to the large banks, their AMCs, and how they are handling the appraisal process, you might have a point. But from my point of view, I don't agree. But I'm only working for direct lenders, mortgage banks, and one wholesale lender who orders the appraisal for their brokers.

Lloyd, I did paint with a rather broad brush. Last I heard, the big six control 85% of the conventional lending market. You've found a few good lenders in that 15% remainder and that's great.

All of these types of companies have their own appraisal panels, want a quality report, and the HVCC is working excellent for them and for me, (at least at this time.)

I would say these lenders have worked out a system in spite of the HVCC, not because of the HVCC. Keep cranking out good reports for those niche lenders. If capitalism had been allowed to run its course these quality niche players would be the main players.

 

[John Hassler]

Since 2000 Appraisers on EVERY Forum and in EVERY Appraisal Periodical ......WARNED against placing one's "golden eggs" in a single "basket". Since 2003 at least - Appraisers on THIS Forum yelled, screamed, advised, warned, and pleaded with Members to ..........DIVERSIFY.

Many heeded that advice, thousands across the country were too "busy" to become informed.

I congratulate the author of the article for taking the NECESSARY steps to surge ahead and recommend that Competent Appraiser-readers "clone" her new business plan. Get educated in the myriad of Intended Uses for appraisals and appraisal services, take courses, most especially take a few MARKETING courses - target OTHER niches .....and RETAKE CONTROL of your Practices. If you cannot compete on Competence and Ethics - >>>> there's the door. Can't find it - there are thousands of Ethical Appraisers who will assist you.

Continuing to do what has NOT been successful guarantees the same Result.

If I'm reading your post correctly, the corollary to the portion in red would be if you are not competent/ethical your primary business will be the the big lenders and their AMCs. Correct me if I am wrong.

 

[Stone]

The legal authority for banks to CHOOSE to utilize AMCs or NOT - existed in Federal Laws for 40+ years folks. The HVCC did NOT mandate use of AMCs. It merely parrotted EXISTING federal laws. Lenders CHOSE to utilize Mortgage Brokers. The results are clear. Many, NOT ALL, chose to violate Federal and State Laws and they, along with their "team player"
Enabler-Duhpraisers deserve exactly what they've gotten and will continue to get. "ye reap what ye sow".

Re AMCs: Evidenced by a fast growing number of posts on this Forum, and others, MANY Lenders have now learned the errors of their Chosen Ways and are re-instituting IN-HOUSE appraisal order processing.

Since 2000 Appraisers on EVERY Forum and in EVERY Appraisal Periodical ......WARNED against placing one's "golden eggs" in a single "basket". Since 2003 at least - Appraisers on THIS Forum yelled, screamed, advised, warned, and pleaded with Members to ..........DIVERSIFY.

Many heeded that advice, thousands across the country were too "busy" to become informed.

I congratulate the author of the article for taking the NECESSARY steps to surge ahead and recommend that Competent Appraiser-readers "clone" her new business plan. Get educated in the myriad of Intended Uses for appraisals and appraisal services, take courses, most especially take a few MARKETING courses - target OTHER niches .....and RETAKE CONTROL of your Practices. If you cannot compete on Competence and Ethics - >>>> there's the door. Can't find it - there are thousands of Ethical Appraisers who will assist you.

Continuing to do what has NOT been successful guarantees the same Result.

Great post, Mike.