Joan:
Appraisers are growing very concerned with what is occurring in some of these Boards. In particular Illinois and North Carolina. I think your readers would be interested too. You do not have to be an expert on this subject to write an article. Heck, its appraisal related and you are an appraiser. Many journalist write articles way beyond their area of expertise (science, medicine, etc.). At least you are writing within your chosen profession.
What is happening is relatively simple. Enforcement and investigators are refusing to understand circumstances under which an appraisal has been developed and reported. Appraisal are not being judged within the context of there identified purpose, intended use and intended users as stated within reports. Since many of these Board's mainly consist of residential appraisers, most reports are judged in the context of Fannie Mae guide lines even if the client is not Fannie Mae. Furthermore, if reports are not stand alone documents typically called self-contained, even though reports are clearly labeled otherwise, appraisers run the risk of fines, sanctions, suspension and even revocation. This issue is becoming serious and needs intervention.
Furthermore, these Boards have "built-in creditability". I love that term (thank you Tom). In other words they are instantly creditable to the public no matter what their back ground. This is a baffling phenomena because you do not see lottery winners giving stock advice in the Wall Street Journal. No one would listen to them. Why? Because they did not make their fortune in the market. It was given to them. It is the same with these people on Boards. Because they know someone, somewhere in the pollical arena they are offered a job. They have essentially hit the lottery. The twist comes with the fact now everyone seeks their counsel instead of seeing it for what it really is. Even other appraisers judgments are effected by built-in credibility. When we first started writing on this issue, several years back, we were getting incredible heat from other appraisers who were basically saying, well if the Board said it, it must be true.
We have basically given our business and livelihood to politician, Realtors and bankers. The real story comes back to why aren't our organizations doing anything about this? Why aren't we as appraisers doing anything about this? No doubt because a number of appraisers are not aware of what is going on. That is where you, possibly, fit in. As a journalist you can not be afraid of controversy. That is what most real stories have.
Steve Vertin