McKissock dumps PAREA

[Tawfik Ahdab]

I wonder if McKissock dropping PAREA was due to appraiser backlash or if it was lack of interest instead.

 

[Elliott]

I wonder if McKissock dropping PAREA was due to appraiser backlash or if it was lack of interest instead.

......"One of the primary factors contributing to the cancellation is the substantial resource cost required to provide a product of the quality we envisioned. In our pursuit to deliver a premium solution, the associated costs exceeded initial estimates, resulting in a higher-end price to our customers. Regrettably, we recognize that this higher cost would inadvertently create a new barrier to entry into the appraisal profession – specifically, a financial obstacle."

 

[gregb]

When PAREA became a thing I resolved to not support any of the education vendors who participated. Starting with McKissock. So if this is real and if they have changed course on it then I consider that good news. Now I'm not incentivized to boycott them.

Yeah you and anyone who cares about appraisers should boycott McKissock. If not now and whom, there are places to give positive energy, (thought that would resonate)

 

[Alsie35]

Before anyone gets too excited, one unintended side effect of PAREA not being a profitable private endeavor might be to push Fannie to further speed up the efforts towards eliminating the appraisal profession as we have known it in favor of automation ... the "Pandemic Appraisal Boom" was a very double-edged sword, because while it gave appraisers a once-in-a-lifetime opportunity for a couple of years (though I wonder how many actually utilized that opportunity to the fullest), it also pushed the automated appraisal models along much faster than they would have been moving absent the crisis ...

 

[Trihard]

Before anyone gets too excited, one unintended side effect of PAREA not being a profitable private endeavor might be to push Fannie to further speed up the efforts towards eliminating the appraisal profession as we have known it in favor of automation ... the "Pandemic Appraisal Boom" was a very double-edged sword, because while it gave appraisers a once-in-a-lifetime opportunity for a couple of years (though I wonder how many actually utilized that opportunity to the fullest), it also pushed the automated appraisal models along much faster than they would have been moving absent the crisis ...

We here all know there is no shortage of appraisers. The $300 1004 is the problem. And of course FNMA ignores that. Even with PAREA I highly doubt that the plan was to keep appraisers. The only way they will go back is if it blows up in their face and their is rabid fraud. Then they will come crawling back on their knees. And instead of paying you $300 for a 1004 they will offer you $325.

 

[Tiffany Gibbons]

I wonder if McKissock dropping PAREA was due to appraiser backlash or if it was lack of interest instead.

I wonder if too many potential wannabe "appraisers" asked about how come there is no PAREA path to be a Certified General Appraiser. It could have been potentially useful for CRs to upgrade to CG, but not even a thought was given to that, only a program to benefit AMC's and Fannie/Freddie. Or was it Mckissock vs Appraisal Institute? Thoughts?

 

[J Grant]

I wonder if too many potential wannabe "appraisers" asked about how come there is no PAREA path to be a Certified General Appraiser. It could have been potentially useful for CRs to upgrade to CG, but not even a thought was given to that, only a program to benefit AMC's and Fannie/Freddie. Or was it Mckissock vs Appraisal Institute? Thoughts?

Mcosskis is just an education provider and not the villain, and neither is it the chief financial recipient of the windfall FF and the AMC's have engineered which gives a profit of work (hybrids, PDR inspections ) to the AMC's and bypasses appraisers on it.

When PAREA came out, I predicted in my posts that it would get low interest. and was a cynical way to attract minorities into an un rewarding dead end field, which these entities worked hard at recreating. Every inroad they made into appraising profited the lenders, the AMC, or related cronies. Valuatio did not go away, the profit end of it was tweaked to reward stakeholders and third parties which meant diminishing the amount appraisers who are the licensed professionals sid, and allowing non licensed people and profiteers to do a larger portion instead.

PAREA itself is not a terrible idea, but couple it with a field that is now so miserable to work in and unprofitable that self limits how many poor souls would enter it , or remain in it, no matter how much easier they try to make it to get in.

 

[Non Sequitur]

PAREA is failing because TAF, McKissock, Appraisal Institute, and other hucksters never wanted to acknowledge the real reason why residential appraisers aren't training at the levels seen in the past: It's all about money and AMCs have sucked that life blood out of the business.

 

[chad hampton]

PAREA is failing because TAF, McKissock, Appraisal Institute, and other hucksters never wanted to acknowledge the real reason why residential appraisers aren't training at the levels seen in the past: It's all about money and AMCs have sucked that life blood out of the business.

Pretty much sums it all up. Most of us that understand the business saw this coming from a mile away. parea isn't the problem. They could hand out licenses for free and not many people would want one. This is the legacy of the snake oil salesmen.

 

[Zoe]

Before anyone gets too excited, one unintended side effect of PAREA not being a profitable private endeavor might be to push Fannie to further speed up the efforts towards eliminating the appraisal profession as we have known it in favor of automation ... the "Pandemic Appraisal Boom" was a very double-edged sword, because while it gave appraisers a once-in-a-lifetime opportunity for a couple of years (though I wonder how many actually utilized that opportunity to the fullest), it also pushed the automated appraisal models along much faster than they would have been moving absent the crisis ...

That is coming anyway.