Is the Appraisal System Broken?

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John Brenan, The Appraisal Foundation, and Melissa Cohn, The Manhattan Mortgage Company, discuss on CNBC, whether the home appraisal system is broken after the Dodd-Frank Act.

…complaints are skyrocketing and many appraisers are getting low or even failing grades now. Why is this happening?

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3 Responses

  1. TD says:

    Same old, same old. “it’s all the appraisers fault…”

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  2. Retired Appraiser Retired Appraiser says:

    Not broken…just extorted.

    John was absolutely right. No experienced appraiser with any degree of integrity has participated in the mortgage market since 2009.

    These guys are actually beginning to get it!!! Can you believe it?

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  3. Matt Gloege says:

    I like #2 above. I have 40 yrs appraisal experience and as of two years ago just stopped dealing with AMCs. Too many bankruptcies and flagrant abuses. Now it’s estates, Credit Unions, attorneys etc. And, dammit, if I run out of work I fully intend to refrain from whining, do the honorable thing and go pump gas!!

    Excuse me, I do still work for AMCS but the fee has to be up front and cleared the issuing institution before I make contact with the applicant to inspect. Actually picked up two since 2010, what a hoot. Needless to say they got top service.

    Speaking of all this improvement in the market what’s going to happen with the 1004MC. If we respect this “increase” in prices (notice I did not use the term values) we will have to start showing price increase adjustments on the comparison grid. That goes against all the lender instructions (demands) prior to 2009 doesn’t it? Ah, the soup gets thicker….. They all should stop telling us how to do our jobs!!

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