Red Blumenstock
Sophomore Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified General Appraiser
- State
- Florida
Earlier this week, one of the PA Council members forwarded to me the Fannie Mae article about their not requiring appraisals where the L to V ratio is 80% or lower and asked if the State Board can do something about this. The answer is that the State Board has no control over lenders or Fannie Mae.
In my not so humble opinion, I think it is past time for Appraisers to continue to depend on lenders, many (most?) of whom have little regard for Appraisers. The lender is interested in the bottom line and the loan officer has a great deal more interest in the commission fee. Both have little (if any) regard for the consumer (borrower) or the Appraiser (again IMNSHO).
I believe that Appraisers should concentrate on creating a better source of appraisal assignments - the Borrower. Somehow, we must get out the message to the Borrower that they are not protected from paying too much by the lender and that a fee of $250 - $300 is very little to spend to have piece of mind about one of the largest expenditures they will ever make.
We must concentrate of educating Borrowers to order an appraisal which they can see and depend on. That would be a much better future for Appraisers than will be available at all from lenders.
Red Blumenstock
In my not so humble opinion, I think it is past time for Appraisers to continue to depend on lenders, many (most?) of whom have little regard for Appraisers. The lender is interested in the bottom line and the loan officer has a great deal more interest in the commission fee. Both have little (if any) regard for the consumer (borrower) or the Appraiser (again IMNSHO).
I believe that Appraisers should concentrate on creating a better source of appraisal assignments - the Borrower. Somehow, we must get out the message to the Borrower that they are not protected from paying too much by the lender and that a fee of $250 - $300 is very little to spend to have piece of mind about one of the largest expenditures they will ever make.
We must concentrate of educating Borrowers to order an appraisal which they can see and depend on. That would be a much better future for Appraisers than will be available at all from lenders.
Red Blumenstock