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Virgina REAB and Portal Petition

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Ken,

Yes, I do see what you mean. Cost to any of the parties is an important issue whether it is cost to appraisers, clients, or boards. And efficiencies are also important issues for all of those parties.

I fully understand that the needs of commerce for speed and profit must be address (and will be strenuously addressed by the rich lobbies).

But I also feel that there are some elementary safeguards that must be satisfied first before the commercial interests can be considered.

What percentage of appraisals performed are questioned regarding their authenticity? What is the cost of investigating and determining their authenticity?

I have no idea but I do know that some basic things must be achieved regardless of their cost, like protecting the public trust.

And appraisers have been abused enough by being compromised and limited in their ability to adhere to USPAP. At some point in the advance of technology, the potential for abuse of the public trust has to be considered on a par with actually discovered abuses.

Frankly, from the truly blatent abuses that actually do find their way into a courtroom, I feel certain that there are thousands more that never see the light of day.

But, if nothing else, Mr. Olsen's assertion that what he receives is the true copy of what the appraiser should be held responsible for is putting us all on notice that his company would use all the power of all those rich lobbies to prosecute an appraiser if a discrepancy were to occur. The gauntlet has been laid.
 
Ken,

Yes, I do see what you mean. Cost to any of the parties is an important issue whether it is cost to appraisers, clients, or boards. And efficiencies are also important issues for all of those parties.

I fully understand that the needs of commerce for speed and profit must be address (and will be strenuously addressed by the rich lobbies).

But I also feel that there are some elementary safeguards that must be satisfied first before the commercial interests can be considered.



I have no idea but I do know that some basic things must be achieved regardless of their cost, like protecting the public trust.

And appraisers have been abused enough by being compromised and limited in their ability to adhere to USPAP. At some point in the advance of technology, the potential for abuse of the public trust has to be considered on a par with actually discovered abuses.

Frankly, from the truly blatent abuses that actually do find their way into a courtroom, I feel certain that there are thousands more that never see the light of day.

But, if nothing else, Mr. Olsen's assertion that what he receives is the true copy of what the appraiser should be held responsible for is putting us all on notice that his company would use all the power of all those rich lobbies to prosecute an appraiser if a discrepancy were to occur. The gauntlet has been laid.

My question regarding percentages and costs associated with appraisal authenticity questions was rhetorical. I'm not sure that anyone can answer that question right now.

Thanks for the thoughtful and intelligent discussion.
 
True. But the vault idea is one way to settle all arguments of what was "transmitted". It would be "the" true copy that appraisers, clients, boards, and courts would all have to stipulate to.

Excellent !!!

Ken, there are also side benefits to this vault.

It would shed more light to the appraisal process where any particular appraisers work could be accessed with a few clicks on the computer. Any particular property will also have an appraisal history that could quickly be accessed.

With all parties alert to this transparency, many number hitters would get religion very quickly or else rooted out of the system. If you remember correctly I had many of the same concerns you had with the IVPI proposal due to the amount of government and bureaucracy that it would all entail. IMO this national database vault is the most cost effective, easiest way for the proper authorities to oversee the appraisal process without becoming overbearing and over managing the entire process. I have been stating my opinion all along that the fix that is needed is for proper transparency and accoutability to the entire mortgage lending process, and IMO this is the most cost effective way of actually holding everyone accountable without choking off the free market system.

The many benefits will far outweigh the cost involved.
 
True. But the vault idea is one way to settle all arguments of what was "transmitted". It would be "the" true copy that appraisers, clients, boards, and courts would all have to stipulate to.
It wouldn't settle anything. Just like appraisers are screaming now that someone is changing report content, they can scream the vault changed the report content, the vault keepers are part of the vast conspiracy out to get residential mortgage appraisers for years now.
 
the vault keepers are part of the vast conspiracy out to get residential mortgage appraisers for years now.

I thought it was Rich H. that was out to get us?
 
Maybe I am he incognito. No, Incognito is already incognito. So I guess I am not he.
 
It wouldn't settle anything. Just like appraisers are screaming now that someone is changing report content, they can scream the vault changed the report content, the vault keepers are part of the vast conspiracy out to get residential mortgage appraisers for years now.

If it were set up properly, there would be a clear chain of evidence from the senders computer to what was received by the "vault".
 
Hackers. They steal credit card and personal information. They rip off bank accounts. They change grades at the high school.

"That's not what I sent to the Vault! They have been hacked!"

Well, that's my story and I am sticking to it.
 
It wouldn't settle anything. Just like appraisers are screaming now that someone is changing report content, they can scream the vault changed the report content, the vault keepers are part of the vast conspiracy out to get residential mortgage appraisers for years now.

This might be true. But the decibel level of the screaming might be modulated by higher levels of transparency and lower levels of profit motive.
 
What does the converted report look like? I ask, since dear Aunt Fannie is so proud of her forms?
 
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