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Take our Appraiser Survey

Appraisers called the real estate/lending collapse years before it happened, based on what they were seeing- liars loans, inflated values, excessive pressure, an over reliance and misuse of AMVs, but no one was listening. It’s our belief that those “in the trenches” know better than any expert about the health of the profession and, post HVCC, the ability of appraisers to fulfill their role in the lending process. For this reason, and at this critical time, WRE and OREP are establishing an HVCC Appraiser Talkback Blog and survey to give the profession a voice. To take our survey, please visit http://www.surveymonkey.com/s.aspx?sm=1drQU6WrYbQ73E4wH2vKVw_3d_3d. The results will be published.

8 Responses to Take our Appraiser Survey

  1. Mike Ford says:

    It is now September, 2013. I read the older posts with interests and agree with nearly all I’ve seen.
    Since 2009 we have seen the end of the HVCC AMC requirement-though most banks have shut down their own appraisal departments since then.
    AMCs have generated their own ruinous competition, and fees crept up slightly-though not enough. Folks, NO ONE in California should be charging or accepting less than $450 for a URAR summary appraisal report with 1004MC that is properly completed. That’s for a basic non complex, conforming loan limit transaction. Anything that is complex, or anything that requires either a residential or general certification should be more. Our certification costs are higher; our E&O is higher as a rule, our data services cost more (CoStar market reports, & other multiple data services), and our educational courses are more expensive. With 27 years full time appraisal experience I do not expect to work for the same fees as an appraiser with only 3 to 5 years experience.
    Turn time are still make or break client requirements-though fewer and fewer are idiotic 48 hour turn times.
    Even Ocwen has gotten better to work with. On the other hand no self respecting appraiser should ever consider working for LSI, until or unless they stop taking advantage of appraisers with ultra low fees.
    The long awaited appraisers lender-complaint hotline still does not exist as far as I know.
    FNMA and FHA are again under pressure to reduce qualifications and increase debt coverage ratios. Frankly in this instance as of this date, I agree. I am disappointed though to see ARMs as a part of the mortgage industry offerings for average consumers. They should be relegated to only the commercial /industrial property or residential developer categories.
    Reverse mortgages continue to be an unpublished scam in which out of area (even out of state) “review appraisers” continue to cut values based on desk reviews that often replace proper comps with out of city / out of market area comps. I contend it is intentional to cut the LTV exposure advertised to the borrowers. Ultimately this increases the lender yield since the quoted rate is justified based on the original appraisals higher LTV. I tracked down the president of the single national appraisal review firm REQUIRED to be used for virtually ALL Reverse Mortgages. He lost or surrendered his license in over half a dozen states; and had disciplinary action in others. I refuse to appraise for RMs until the requirement to use that specific firm is eliminated. Others should consider doing the same. It is a fraud perpetrated on borrowers that we do not need or want to be a part of.
    The never ending push to provide “something less than” full fee services continues. Banks and regulators need to abandon this practice. FIRREA originally called for 10% of all appraisals to be field reviewed. That should be required today, as it is sufficient to make ‘getting caught’ a real probability for bad appraisers, rather than the justifiable gamble they see reviews as today.
    As our numbers decline, expect to see renewed pushes for AVMs to replace us, by GSEs and their correspondent banks.
    If that is really the case, then abandon the pretense of having appraisals to begin with, and I’ll take up fishing.

  2. walter watson says:

    lets keep this simple, who’s to blame for low fees? the appraisers, the borrowers? the amcs? its the appraisers, without creating “price fixing” we should be better than cutting each others throats. i will not accept any assignment that the fee isn’t up to par. yes i get it, you need to survive, but taking on low fee jobs is only going to extend your and my misery. when ever i see an assignment up for grabs i check to see the fee, if it isn’t up to par i decline and state the reason is the fee. thats about all you can do and if we all did the same the fees will become reasonable and then we can all again make a living doing what we enjoy doing. i for one don’t want your business, especially if its low fee work. lets all work together to undo the low fees, and by that i don’t mean we need to be paid 500 for a 1004 but 350-400 isn’t excessive, anything less than 300 and i for one am not interested.

  3. George says:

    Probably the best suggestion I’ve read here is also the simplest…no marching in the streets, burning villages, certainly no “write your congressman” (whose team is he on?).
    Add an addendum to the 1004 (or relevant form) that spells out the appraiser’s fee and the fee paid to the AMC for whatever the hell it is they do. The borrower would then know if he’s being “had”. THEN…market forces would take over. The borrower would shop around, the lender would shop around and the AMC would become competitive or perish!

  4. Tony Powell says:

    Looks like the dominant role of AMC’s is going to be curbed sooner or later.
    When that happens, some are going to close up shop.
    As far as I know they (AMC’s) are not bonded or insured, so you might not want to let them run up a long list of fees that you’ll never get paid.
    Is it feasible for our Appraisal Reports to include a requirement along the lines of “By accepting this Appraisal Report, the client named in the Form Report accepts responsibility for, and guarantees payment to the signatory of this appraisal.”

  5. Jaime Hernandez says:

    The appraiser Valuation 2009 conference in New Orleans was a joke. They are not in touch
    with real life scenario when they say HVCC so far gives less pressure and better appraisals.

    No one really grasp the true collapse of the industry. lets just chew on this for a minute, they say appraisers over valued properties but
    if thats the case dont the banks have appraiser reviewers, managers and underwriting, hmmmm makes you think. The best part is the banks are the ones to get most of the blame but the appraisers are taking the hit and to make things better sure why not lets give them full control on the industry. Its nice having a monopoly these days.

    They say AMC companies will give jobs without favortism lol sorry i gotta laugh to that one. The truth is if ur willing to work for peanuts then yes you will be loaded with work. Its sad what they have done to the industry.

    All the appraisers were making a decent living until such a ridiculous rule was implemented.
    Its far from a good law if any and makes you wonder on all these regulation boards on what they were thinking when passing this law. I think they are hitting the mini bar in their rooms
    before going to the convention.

    Iv’e worked very hard to get into this industry and have sacrified alot and now i have to depend on shady AMC companies to supply me work .

    Most appraisers are not aware that when your a minority it’s ten times harder to get work.

    I keep hoping they will be changes that really favor the appraisers but let me not hold my breath on that one.

    I will keep it short. Anyone should be able to order the appraisal and the lender should have their underwriter, appraisal reviewer & manager review appraisal. If bank feels appraiser over valued property then a copy should be sent to the state for review. Thats what i call an independent report yet simple and effective. But what do i know im just a NY Certified Appraiser.

  6. Jaime Hernandez says:

    David Caddell your my new hero………. We need more peopke like you and I. I follow the same rules and all appraisers should do the same. These AMC companies are shady and crooks and the banks back them up like they ae certified appraisers. lol sorry i tend to laugh alot at the monopoly they have created. They said that AMC will curb the fraud lol sorry their i go again laughing. The honest well qualified appraiser got shafted and now most AMC companies push all this work load on the lowest bidder. Appraisers lets all stand up and make our voices heard!

  7. I only work for full fee as muy overhead does not drop so why work for half fee and go under, we deserve to make a decent living as we can be sued at a whim so on and so forth. with HVCC appraisers are going way out of the areas they know, cutting corners like taking photos from MLS and not driving their comps, if this HVCC is here to stay then why should not the AMC’s fee bed passed to the consumer like everything else when the price goes up instead of coming out of the appraiser’s pocket, gas stations did not subsidize the price of gas, what other profession does the consumer dictate fees, I have been black listed by every AMC out as ”uncooperative” because i wont take the lower fees, I am getting plenty of full fee work and my phone does not ring with some clerk who knows nothing about appraising trying to justify a low fee, i am so glad i have taken the stand that if I am going under it is doing full fee work and not selling my soul, the happy AMC appraiser is full of it as not only do AMC’s go low fee, they want unrealistic turn times, harass with constant status updates and then take their sweet time paying. If everyone would not take low fee work it would change as then lenders woudl have to accept the market rate plus the AMC fee, Alamode has an HVCC portal and only charges $15 and lets y0u set your fee like it should be, maybe it is time for a nation wide appraiser strike!!! but the meek who could never cultivate their own clients based on good skills would cave and still do them for 1/2 price.

  8. I would like to do the survery but do not want to sign up with the monkey and be inundated with other surveys I do not want to deal with.

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