One more nail in the coffin...

[DWiley]

Do you think the AMC will treat them differently? Of course not. One fee fits all...

I know that many do. Can't speak to how all of them do it.

 

[Overimprovement]

The requirement for the report to include support for market conditions and time adjustments (be they linear or nonlinear) applies to all appraisal reports.

Correct. All the USPAP and GSE requirements of a full report, with a small time savings, and about 20%-30% of the fee.

A serious question: Do the GSE's REALLY expect experienced appraisers to remain in the residential mortgage game at a 25% fee? It seems clear that the VOLUME of total orders will NOT increase, so ALL that is happening is a collective 75% reduction in income, and a slight (gas money) decrease in expenses. Sorry, that model comes NOWHERE close to working for me.

And I guess no one is concerned either that appraisers will lose touch with their markets by never actually being in them.

Of course many appraisers will leave the profession--that is already happening. The first appraisers to leave will be the most experienced, and competent--those with other options. What will be left is newbs and PAREA grads. It's almost as if no one wants appraisers around anymore. [thinking emoji]--AF emojis not working.

 

[chad hampton]

They don’t want real estate professionals being appraisers. And they certainly don’t want anybody knowledgeable with experience in their markets. They want young people who have no other option in life that will be happy working for 40K a year. If that. But what you’re seeing is they’re having trouble finding those people.

My wife’s side of the family has a lot of nieces and nephews that have graduated college over the last five years and several in college. Every single one of them is working for at least 75K and none went into extremely lucrative fields. Just basic business or healthcare etc.

If the GSE’s wanted high-level professionals who provided credible valuations they would be pushing for college degrees and more experience. Not less.

 

[Overimprovement]

What this opens the door for is just about anyone (and watch, this WILL include the homeowner with cubicasa or similar) to do the 'inspection'. I am sure they will always show all the deferred maintenance and repair needs, the foundation cracks, etc. Then some newb on a panel of 'appraisers' in any state, with full national MLS access, will put the actual reports together. Eventually, that part will be completed via AI. That seems clear to me, what with the machine-readable forms Fannie is bragging about in the new forms coming soon.

I give residential appraising 3-5 more years max, and then there will be fewer than 10% of the current appraisers remaining.

 

[Fernando]

They don’t want real estate professionals being appraisers. And they certainly don’t want anybody knowledgeable with experience in their markets. They want young people who have no other option in life that will be happy working for 40K a year. If that. But what you’re seeing is they’re having trouble finding those people.

My wife’s side of the family has a lot of nieces and nephews that have graduated college over the last five years and several in college. Every single one of them is working for at least 75K and none went into extremely lucrative fields. Just basic business or healthcare etc.

If the GSE’s wanted high-level professionals who provided credible valuations they would be pushing for college degrees and more experience. Not less.

Maybe it's just here but a college grad with a STEM or healthcare major should be earning $100,000+. My young daughter is making more than me.
Appraising is not an easy field to make money thus losing many talented people.

 

[chad hampton]

I still have some hope that state appraisal boards will wake up and realize that there’s a lot of people out there performing appraisal services in their states that aren’t licensed appraisers. And much of it is promoted by folks that hold AMC licenses which they are supposed to be providing oversight for.

But at the same time I’ve cut back to part time, and mostly for non-GSE work. It’s so refreshing to do a listing appraisal and you can actually do the appraisal as you see fit. One that will provide the most credible opinion of value without having to jump through all the AMC and GSE bull****.

You forget what this job could be without all the restrictions on you.

 

[Fritz in NY]

Chad, your on target. My 2 kids have MS and BSS degrees, out of school 4-6 years ago. They make $ 90,000. kid # 1 and $ 122,000. kid # 2. BOTH had the opportunity to work in this business, had all the back story, data bases available, personally know other appraisers that have worked for/with me, software knowledge, and rode with me dozens of times for inspections, ect.
A real EASY ride into our Biz. Both said NO. not worth it.

 

[Fernando]

Half of the job is collecting and gathering information for my appraisal which I dislike but necessary.
What I like is the part in researching correctly, analyzing the comps, and coming up with the appraisal value. If only client appreciates me more by paying more.

 

[Terrel L. Shields]

The first appraisers to leave will be the most experienced, and competent--those with other options.

Exactly. I bet that is the way they want it so they can claim all appraisers are incompetent and they don't need no stinking appraisers

They want young people who have no other option in life that will be happy working for 40K a year.

Exploitation at its finest and risking the taxpayer's money.

Maybe it's just here but a college grad with a STEM or healthcare major should be earning $100,000

CA wages are higher, but Walmart pays very well for the top accountants, and you rise to the top fast. So, while you might only have an $80k salary, year end bonuses can push you above $100k in the first year or two. Manager of your team will make double that. A Walmart lawyer will start around $100k. Tyson fieldmen with ag degrees earn about $70k. I knew a biologist who worked on Tyson's fishing boats as an inspector - you worked long hours on the boat but only 6 months a year - about $80k.

 

[Tom D]

Already sent us all to the rest homes. Now just stocking up on tombstones.
I said this before, 2 years at most left before our heads blow up.
Free fannie appraiser tombstones. Generically labelled: Biased and Deal killer. Rest in Peace.