Comments on: What kind of appraisal are you getting for your money? Should you care? http://housingdoom.com/2009/01/10/what-kind-of-appraisal-are-you-getting-for-your-money-should-you-care/ "He who defends everything defends nothing." - Frederick the Great Tue, 16 Mar 2010 15:28:08 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Tobby http://housingdoom.com/2009/01/10/what-kind-of-appraisal-are-you-getting-for-your-money-should-you-care/comment-page-1/#comment-18612 Tobby Mon, 12 Jan 2009 17:40:21 +0000 http://housingdoom.com/?p=1958#comment-18612 This is a huge hot button issue among appraisers and lenders alike. It is the result of an agreement between AG Cuomo of New York and FNMA after WAMU and e-AppraiseIT were caught colluding to inflate appraisals. While the spirit of the agreement is noble, to remove influence on the appraiser from anyone having a financial interest in the outcome of the appraisal, the result will likely be disasterous as seasoned appraisers (tested, skilled small business persons) seek other opportunities, leaving the industry to the junior high kids. As an aside, I work for three large regional banks. One is on their fourt AMC in eights months. The other two are on their second. All because of serious quality issues. This is a huge hot button issue among appraisers and lenders alike. It is the result of an agreement between AG Cuomo of New York and FNMA after WAMU and e-AppraiseIT were caught colluding to inflate appraisals.

While the spirit of the agreement is noble, to remove influence on the appraiser from anyone having a financial interest in the outcome of the appraisal, the result will likely be disasterous as seasoned appraisers (tested, skilled small business persons) seek other opportunities, leaving the industry to the junior high kids.

As an aside, I work for three large regional banks. One is on their fourt AMC in eights months. The other two are on their second. All because of serious quality issues.

]]>