Vanessa Beauchamp, executive director of MREAC spoke at the MAR Appraisal Section meeting yesterday. Some interesting stuff. She said that they get about 100 new complaints each year. That is in addition to approvals for education, applications for licensing, and keeping tract of reports from past disciplines. Each of the members of the Commission obviously have a large volume of reading to do. It is amazing to me that they can do as good of a job as they do.
The most interesting tidbit, to me, was this. She said that a lot of new complaints against appraisers are filed by lenders, and often, those are old appraisals that were done several years ago. Since then, the loan went bad and the lender filed a complaint after reviewing the appraisal. Here's the kicker: sometimes, the review is worse than the original appraisal AND the commission will also discipline the reviewer, if appropriate.
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