We Pay the Least & Get the Least Qualified Appraisers
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In 2013, Brian Coester of the Coester VMS AMC tweets “we pay the least and get the least qualified appraisers.”
The graphic below was sent to me so I looked for it on twitter and the conversation is still there.
A long dormant appraiser twitter account @insidevalues engaged in a conversation with AMC founder Brian Coester back in 2013. Brian responded 4 days after the question and then explained the “elite gold club” set up where appraisers would get more volume at a lower price point. I kept trying to apply sarcasm to Brian’s (he has blocked me even though I don’t recall ever engaging with him?) responses to explain the context, but he would subsequently prove me wrong or he simply is clueless about social media nuances like sarcasm. After Brian engaged with this appraiser, the appraiser continued to tweet at him lulled into the false assumption that Brian would see the error of his ways and change his business model to fairly compensate appraiser to maintain a higher quality level.
This is a cavalier conversion about how an AMC can view an appraiser yet the industry doesn’t talk like this in public. We’re the widgets in their factory and the lenders are either clueless or don’t care because of the federal backstop. It’s incredibly insane that most of the mortgage lending food chain doesn’t get that this is the norm.
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