Readers Respond
Cuomo-Fannie/Freddie Agreement – read article
The story quotes an appraiser saying they spent over 20 years developing their business, which primarily focuses on mortgage brokers. “No longer can I market my business,” he says. Sorry. Had you marketed your services to “reputable” clients over the past 20 years you wouldn’t be sweating the Fannie/Freddie-Cuomo deal. My advice: Grab a handful of business cards, a few copies of your resume, put on a business suit and start making some sales calls- and follow up. Take my word for it- the phone will ring!
– Dennis J. McCarthy
$300,000 a Year Appraising (again) – read article
I do not believe that an appraiser with one assistant can turn out that volume without cutting corners, violating portions of USPAP often, hitting predetermined numbers so lenders continue to send a stream of orders, ignoring all red flag items- like below average or poor physical condition, external influences that diminish value, declining values in the market area and any other item that would generate objections from underwriting. The only way that I know for an appraisal shop to attract that high a volume of orders is to make sure that reports zing through underwriting and that values continue to enable deals to close.
– Ricardo Small, Certified General
Making AMCs Work for You – read article
I have to say that it is not all gloom and doom, which your article successfully illustrated. But nowhere in the article did he address the claims that quality has diminished because of AMCs. I am a reviewer for a large AMC and I see the quality of appraisals that are being completed. The majority of the bad appraisals that I see are because of a lack of time taken to do the job right. But that is what you get when you pay $200 per appraisal. I guarantee that insurance firms will be paying out more in claims as the quality of the appraisals continue to diminish and AMCs take over the appraisal ordering.
– Greg Owens
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I was stunned by the outsourcing of work to a firm in India! Outsourcing weakens our economy…shame, shame, shame.
– Clay Allen
Will Appraiser Bond Requirement Put You out of Business? – read article
Loved the article on appraiser bonding even though it is a ridiculous idea. Why not just change USPAP verbiage to read that, “the appraiser’s opinion is also the appraiser’s guarantee of continued value throughout the life of the loan and if for any reason the homeowner is unable or decides not to pay his/her mortgage, the appraiser will step in and pay it for him”?
– Craig Villa, Appraisal Services of New Jersey, LLC
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Maybe this (bonding requirement) is what the appraisal industry needs. We’re responsible and honest and turn down just as much work as we take in. Why? Because we choose not to get involved in certain situations. The current housing crunch has enough blame to go around. We’ve seen our business decline steadily over the past four years. Perhaps (the Bill) S.2452 will keep appraisers honest because only honest appraisers will be able to be bonded. We can’t allow the system to continue to allow anyone with a heartbeat to appraise. It will weed out a lot of bad apples.
– Frustrated Appraiser
Editor’s Note: The bonding issue is summarized in National Housing Act: What Appraisers Need to Know. The story Will Appraiser Bond Requirement was originally published in WRE’s Online Edition.
FNC vs. Appraisers – read article
They (FNC) love to reap the benefits of making a profit from your work but do not want any of the responsibility. Typical I would say. They figured out how to make money coming and going from the appraisal industry, plus sell your comparables.
– Charlie Stone
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Why do we need AppraisalPort or any other transmission service? They are simply another way to take money from the appraiser.
– Randy Buchanan
New Interactive Digital Edition of WRE & “Going Green” – read article
I applaud your effort to allow us to access your fine publication online, and in so doing being “green,” saving the resources of production, postage, handling, etc. However, I want to be sure you know there are some of us who still very much prefer the printed version. Not only is it easier on the eyes, especially after working on the computer for hours each day doing our jobs, but it travels with me to the balcony, on the airplane, to the beach, to doctor/dentist appointments, and wherever I feel I will have some extra time to read the excellent content of your publication. The computer is simply not that portable or convenient. Plus I find that I like to cut out and file some of the articles for later reference, so if I have to print a copy from the online source, it loses some of its “green” benefit anyway. I appreciate having the option to view both/either format but if I had to pick just one medium, it would be the printed form.
– George Bomely, CRREA
IndyMac: What Goes Around Comes Around – read article
One of the appraisers in my office and myself (I was the supervisor signature on report) were placed on a “don’t use” list that was available for view on a website open to the public. The only time in 34 years of practice it happened to me. No notification or opportunity to address the decision was provided to us. I found out from a client. Now (IndyMac) depositors are left standing in long lines, hoping for a chance to redeem their savings. Maybe they (IndyMac) should have applied their “watchdog” tactics to their own operation. I’m sorry for all of the folks who lost their money but I have to confess to a degree of satisfaction in seeing this one area of fair turnabout.
– Anonymous
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I have worked with IndyMac Bank for ten years. I can honestly say that I can count on one hand how many times values were even mentioned. I do not wish to kick someone when they are down. Other lenders who I chose not to deal with were much worse.