S. 2452, the Homeownership Preservation and Protection Act

[Julio E. Sune Jr. (FL)]

http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2008/05/s-1299-borrower.html

Could cost appraisers between $10,000 to $40,000 a year....

Wowwww!!!!.......Say what?????

Once again.....and like Mike G. has said.......... "The appraiser is always at fault"

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From the comments section.....

Posted by: Appraiser | May 23, 2008 at 10:51 PM

"What is this??? Isn't this why we have E&O insurance?

Again, I will urge all appraisers to stand up for themselves. We are allowing others to dictate what happens to us and our industry.

We need a grassroots effort to stop this madness and gain control of our own future."

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Stand up and fight!!!!!!!!!!

 

[c w d]

Well, this would certainly change the landscape, wouldn't it? I can't afford $10,000 - $40,000 in additional costs. I dare say a good majority of us here can't afford it either. However, the large appraisal firms could afford it. And I'm sure there is some provision that states the coverage could be company wide not necessarily per individual. And since large appraisal firms WILL require higher educational standards all of the folks on this forum that advocate it will be happy. Except, they'll have to stop working for themselves because they won't be able to afford to be bonded. Good luck looking for a job.

 

[Greg Bell]

Wow!.The would put independent appraisers out of business.Who determines this mythical 10% value inflation ?.Probably a board of lawyers with millions of home debtors suing every appraisal they can get their hands on.Why not sue when every appraisal could be 10% inflated if you get enough so called "Reviewers" to say so.Since an appraisal is no longer an opinion I suggest that just use AVM'S or maybe BPO'S for all mortgage transactions.I will go th Beach and dig clams , gotta eat..Welcome to the new Communist block country , the new Bolsheviks have taken control.Vote Libertarian..

 

[Conservative in Virginia]

ok.. so if this happens.. I assume the AMC's and Zaio and the like will require this of their approved appraisers. Most certainly they are not going to pay this themselves.

How are those little guys working for AMCs at $165 a pop going to afford this additional expense?

There goes more.. walkin' out the door....

 

[Greg Bell]

What This does in open EVERY appraisal to a lawsuit because Appraiser A was 10% over or under on the original appraisal.Get 10 appraisers to appraise one property and see how many will be within 10% of the original.Especially on the lower valued homes.This is a nightmare and the only choice for many of us is to start looking into a nice AVM company or Learn how to pan handle ,.It' over anyway , 10 Trillion in national debt and 66 Trillion in unfunded Governmental mandates , just get your ammo and beans and head for the cave.When the us Dollar "Rolls Over" emulating The Peso your 401 K's will look like 101 K's.......

 

[Tom McDowell]

I have already made contact to my 2 Senators.

If the bond is required based on your last years work how much is it for a Trainee?

 

[Jonsey]

What a load of crap. It almost looks as if the "intention" is to raise the bar SO HIGH, (discounting newly mandated educational standards - no time to take effect or to placate TPTB pound of flesh being demanded) that Independents will go out of business, via Attrition.

Should this pass, it would either allow ample leeway for AVMs to garnish a stronger foothold in what remains of the market share; and/or be sufficient grounds for the AMC's hiring of Appraisers as "employees"

 

[Kevin Mc]

Amazing.

Just enforce the current laws and stop with all the smoke and mirrors

Considering the current state of affairs, my market (I'll certainly be in the $40K bond range) and the sheer lack or respect for qualified,seasoned appraisers that has permeated the current market I will leave the profession after 25 years. I will not cow tow to AMCs and I'll be dammed if I am going to cough up $40K to protect others for the work I do. The lunatics have certainly taken over the asylum. God help us all.

 

[Alison Swain]

Just enforce the current laws and stop with all the smoke and mirrors

Considering the current state of affairs, my market (I'll certainly be in the $40K bond range) and the sheer lack or respect for qualified,seasoned appraisers that has permeated the current market I will leave the profession after 25 years. I will not cow tow to AMCs and I'll be dammed if I am going to cough up $40K to protect others for the work I do. The lunatics have certainly taken over the asylum. God help us all.

There are a lot of good appraisers who barely made $40K last year. Maybe we should just start paying the banks for the honor of working for them.

 

[TICK TOCK]

This is my first post, I have been reading this forum for a while and this topic has me boiling, I think some things need to be fixed, but the Appraiser is not one of them. The majority of Appraisers abide by USPAP and do work hard to promote and preserve the public trust, Here are the cosponsors of this bill, and notice a couple of them are running for President, not to be partisan but they're all Democrats. What is the future for Appraisers? Who speaks for us in Washington?
Bill Cosponsors (alphabetically)

[Cosponsors [as of 2008-05-04
[Sen. Daniel Akaka [D-HI
[Sen. Barbara Boxer [D-CA
[]Sen. Sherrod Brown [D-OH
[]Sen. Robert Casey [D-PA
[]Sen. Hillary Clinton [D-NY
]Sen. Richard Durbin [D-IL
[]Sen. Dianne Feinstein [D-CA
]Sen. Thomas Harkin [D-IA
]Sen. Edward Kennedy [D-MA
]Sen. John Kerry [D-MA
]Sen. Amy Klobuchar [D-MN
[Sen. Frank Lautenberg [D-NJ
[Sen. Claire McCaskill [D-MO
[Sen. Robert Menéndez [D-NJ
[Sen. Barbara Mikulski [D-MD
[Sen. Barack Obama [D-IL]
[Sen. John Reed [D-RI]
[Sen. Charles Schumer [D-NY]]
[Sen. Sheldon Whitehouse [D-RI]]
Cosponsorship ]