Aren’t Appraisers the Gatekeepers of our Collective National Equity?
LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, recently released its latest “Appraisal Services Agreement” to its panel appraisers. The agreement includes, among others, indemnifications of LandSafe against any liability, and loss of intellectual rights. If this goes through and appraisers agree to sign this new agreement, other AMCs will follow LandSafe’s lead and produce their own version of Appraisal Services Agreements. LIA Insurance has reviewed the new LandSafe Appraisal Services Agreement. The review is available to LIA’s insured appraisers and READI members but others can also view it by registering with code 201700.
The whole idea of appraisers as a profession is being systematically reduced to an hourly position void of professional independence which we were accostumed to prior to the implementation of the Home Valuation Code of Conduct (HVCC). The irony is that the consolidation and dismantling of appraisal independence began under the stated objective of insuring independence. However, we find ourselves in the complete opposite side of what was intended.”
“The average citizen has most of its collective net worth tied up in real estate. We lost $8 trillion in real estate equity. The stock market is not even capable of losing $8 trillion. Yet if we saw a 70% drop in the stock market, it would be on the front page of every newspaper in the world. Aren’t appraisers, that we have discarded, the gatekeepers of our collective national equity? And if so why aren’t we helping this industry? Why isn’t this story in the news? What we have seen is a complete market & regulatory failure with the appraisal industry, and it continues down the wrong road. This is not an appraisal issue, this is a real estate issue as a whole…”
say Frank Garay & Brian Stevens, hosts of the TBWS Daily Show.