Independent Appraisers Task Force
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Create a task force of only independent appraisers…
Appraisers are a minority in the real estate/lending world and tasked as the gatekeepers of mortgage transactions to protect everyone in the transaction from their immediate rapacity.
Of the 40 some thousand residential appraisers I have no idea of the exact division of field appraisers to reviewers. I’m guessing that maybe it’s divided in half, or say a third which are reviewers and then there’s probably another third or so that are newer licensed appraisers. So now we have around 20,000 or so Certified Appraisers that are in the field and are the only ones that actually care or can be vocal about safeguarding appraiser independence. For them it certainly does feel like the world is against them. But besides protecting their sensitivities the greater task for everyone with an appraisal license is to uphold the integrity of the industry. For that purpose alone Commercial and Residential Appraisers, reviewers and those in management should unite.
By a simple number count we are a drop in the ocean of the real estate and mortgage world. So how do we successfully overcome the number game and succeed where others have tried and failed? How do we safeguard appraiser independence for everyone with an appraisal license whether they’re in the field, reviewers or management?
I say the answer is in us educating the consumers. Then lobbying for stricter punishment for violators of appraiser independence. Create a task force of only independent appraisers to do this.
Working across lines with lenders have failed miserably because it’s just counterintuitive. The leadership that came before us for various reasons have been unsuccessful in elevating our industry and no longer have the trust of the majority of appraisers. So, we start anew.
Without naming every individual and association let’s just say we’ve outgrown the antiquated methods of a few sell outs making closed door deals that hurt appraisers and our industry.
Everything costs money, if we have say ten percent (about 2000) or so of the independent field appraisers put in $1,000, that’s enough money to spend on billboards, tv time, exposés, google ads etc., to start educating the public. It’s a start. Before making any political moves we need to gain public confidence and support.
As far as AMC’s, I personally see them as a non-issue. Yes, they’ve overstayed their welcome but appraisers are innovators. Most any good appraiser is working their way out of having to deal with them. There’s plenty of responsible lenders with appraiser panels that will pay a good fee for a solid appraisal. If you’re an appraiser wondering how to find them LinkedIn is a great place to network. As appraisers navigate away from AMC’s fees will no longer be an issue in my opinion.
That’s all I got folks… What say you…
By Gynell Vestal, Certified Residential Appraiser at Vestal Appraisal Solutions. Gynell has a diverse appraisal background covering Commercial, Residential, Rural, Complex and Luxury Properties as well as National Appraisal Review work in the secondary Market. She began her Appraisal training in Oklahoma in 2001 covering Rural and Commercial Properties. With several years as a National Review Appraiser at Fannie Mae and other big banks, Gynell has keen insight into the secondary market guidelines and requirements.