Readers Respond


WRE Issues

Readers Respond

Making $300,000 a Year Appraising
To complete 1,000 residential appraisals a year, that is 2.74 reports per day, 365 days a year.  It is not humanly possible for one person to inspect that number of homes per day, every day without fail and prepare a complete error-free report. There are just too many variables- homeowner not home, bad weather, computer and printer problems, proof reading, answering questions from lenders etc.  He will not collect for some of his reports and don’t tell me that he always gets paid in advance.  I too have been appraising for over 30 years and I know how long it takes to prepare a good residential report.  – Frank Eckard, General Appraiser.

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After I read that about the 300K guy, I think it is possible. I remember when I had an assistant, it was heaven. Similar situation with adding information and preparing the appraisal report and doing the MLS/TAX record ready for the file. He just found an efficient manner of preparing the report. And yes, when I took a vacation to Puerto Rico, the laptop was a savior. – Al Torres

Editor: We received many pro and cons in response to this story, similar to these two. See Making $300,000 a Year: Clarified for more and Profile: Making $300,000 a Year Appraising.

Solving Blacklisting Mystery – MARI Interview
It is not right to trash someone’s career without due process of law. In other words, talk to both sides before you print something as gospel. No matter what you sign, the one printing that information is responsible for the slander created and can be sued, and should be sued, for that matter. – Charlie Stone


I too found out that I was on the list. I had been sanctioned for missing rot in a wood deck. I went through the process and received my records from MARI. That is the only thing on my report other than they have my license as expired. Lenders receive a name and will not let them remain on the approval list. I have lost many clients and my appraisals have been rejected because of this. – Cathy


I’m a little confused on some things. If they are giving non-public information to subscribers, then how exactly does that comply with all the privacy acts? I was under the impression that non-public information was just that. I understand that non-public information can be shared with affiliates and under certain circumstances to third parties. Examples being things like assisting with a loan, government entities and credit bureaus. How and where exactly does MARI fit into any of these categories regarding receiving and distributing non public information? – Angela Kimble


Our company is another of the tried, convicted, and blacklisted without so much as a bit of opportunity to defend ourselves, to know our accusers or to know the files where we are accused.  MARI has been unable/unwilling to supply specific information from the five “accusers” who stated we provided overvalued appraisals–who knows who made those determinations. Our company will willingly contribute money to a fund to sue these people for their total disregard of the legal rights afforded us as Americans. – Larry Christensen

Editor: We received way too many first-hand accounts of blacklisting to print. MARI: Solving the Blacklisting Mystery

Moving out of Residential Work – Moving out of Residential Lending Work
I fired all the residential lenders in 1994.  I can testify to the financial hit you can take when you drop all of them at one time.  However, I sleep better, my time is my own and I get to pick the jobs I want.  I now specialize in large appraising multi-property estates, which gives you plenty of time to do a competent job on the appraisal and appraisal report.  I am also working by referral mainly with attorneys and CPAs and quite often with large companies who understand what it takes to make a good appraisal and will give you the time to do it.  I still do some residential work when an estate owns a residence or there is a residence on a large tract of land.  However, I get to use the comps that I believe are the best and not have to follow anyone’s guidelines. – Jerry D. Williamson, Jr.

Reporting and Stopping Mortgage Fraud – Reporting and Stopping Mortgage Fraud
Where can we submit files on assignments that we turn down because they look like fraud?  Would this be a violation of USPAP, especially since we declined the order? I feel there are other appraisers out there who have similar files, which if turned in could help stop this undue pressure. – Betty Lou Siematkowski

Editor: Submit at

Are AMVs Appraisals? – Are AVMs Appraisals? Appraisal Standards Board on AVMs
A lot of focus and blame are being placed on appraisers these days but virtually no consideration is being given to the role AVMs have played in the current mortgage crisis. The major shortcoming of the AVM is that is does not, it can not, qualify or quantify depreciation. As any appraiser knows, depreciation can affect the contributory value of improvements to real property anywhere between zero and 100 percent. Nothing less than a physical inspection of the property can possibly serve to identify depreciation. The number of substandard properties that slipped under the radar using an AVM is likely unknowable. When the AVM became an acceptable mortgage underwriting vehicle, some appraisers like me read the writing on the wall and simply got out of the residential mortgage end of the business. Others hung in and diversified. But others apparently bent to the pressure of lenders, who when the AVM did not produce the required value estimate to float the deal, called on the “approved appraiser” to get the job done. The appraisal profession is certainly not exempt from blame but a factor and possible catalyst in this debacle is being completely overlooked, and that is the role the AVMs have played. – Michael L. Sullivan, SRA

I too have problems with mortgage brokers not knowing the laws pertaining to going back into a report for changes nor do they know the laws on lookups. – Susan Kruse

Editor – see Industry News, Teach your Clients Well.

How Lenders Think
I would like to correct something stated in the article: there are no Fannie Mae requirements that state that: 1.The date of sale of the comparables should be less than six months old and 2. The comparable should be less than one mile from subject. – Don Clark, AQB Certified USPAP Instructor

Mr. Moye writes: Mr. Clark is correct. Because Fannie Mae is flexible depending on the circumstance, they only issue guidelines on the seller side of their business. This is the reason the word “should”is used in the Fannie Mae guideline listed in the article, instead of “required.”  Please note, the guidelines use the word “should”in almost every section. The guidelines were constructed in manner to not “require” anything unless something in the report is inconsistent with the guidelines but if an inconsistency exists, a comment or other action is required as signaled by the word “must” or “require.”

Editor: Read the latest installment of How Lenders Think by Calvin Moye, SRA, GRI

Appraisers: I Told you So – WAMU, eAppraiseIT Blow Up
First published in WRE Online (“I Told you So” eAppraiseIT, WAMU, Blow up, Fannie, Freddie)

I was pleasantly surprised to hear of the suit against First American/eAppraiseIT. Lender pressure is definitely the rule and not the exception. If we don’t bring in the value they don’t get their commission.  So, the next appraisal order goes to a different appraiser in hopes that they will bring it in. Appraisers cannot be paid based on the appraised value/loan amount, perhaps loan originators shouldn’t either. Then, there would be no need for them to pressure anyone. The appraised value didn’t come in, they still get paid –no pressure!


In the southwest, WaMU shifted to management companies (eAppraiseit and LSI) with very little notice (two weeks) and released all their fee panel. The panel was told that to continue receiving WaMU assignments, they had to apply to the management companies just like anyone else. There was no preference.  If the appraiser was approved and if the appraiser’s resume showed previous work in good standing for WaMU, the appraiser was designated WaMU Proven, i.e. familiar with WaMU policy and report writing rules. There was never any pressure to make value. – Scott Lisagor


They should publish which appraisers WaMU used and submit them all to the state boards. – Glen Williams

WRE Online: Keep Current, Save Money – WRE Online Keep Current, Save Money

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