A Review of the Appraisal Industry
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Phil Crawford of Voice of Appraisal sent a “call to action” email to his followers early this week to recommend I provide testimony on this upcoming June 20th panel. As a result, there were hundreds of recommendations sent to the House Financial Services Committee providing why I would be a good candidate to speak on the panel. I was blown away by the support and the professionalism of the emails. I thank you all.
The committee told me yesterday that I would not be on the panel but offered other ways to share our views and I was very appreciative of the opportunities offered to me. Today I was told by someone outside of the committee that these were the names of the panelists. Four were chosen by Democrats and one was chosen by a Republican.
Jennifer Wagner (Mt State Justice) Jeff Dickstein (REVAA) Andre Perry (Brookings Institute) Stephen Wagner (AI) Dave Bunton (TAF)
My only concern with the information to be discussed is that the appraisal industry sees the re-introduction of checks and balances to the appraisal process, that the consumer and public trust is protected and a stabilized housing market is promoted.
I have the gravest of concerns for the inclusion of The Appraisal Institute who haven’t been relevant in the residential mortgage appraisal community for at least a decade. My other grave concern is the inclusion of REVAA which is the trade group of appraisal management companies that control 80% of residential mortgage appraisals and are the single reason for higher consumer appraisal costs and reduced quality.
Still, I will keep an open mind and believe me, appraisers across the country will be watching this hearing very closely.
The November 2016 House hearing on this same topic was largely a misrepresentation by the Appraisal Institute on the state of the industry.
However, I have full confidence that Chairperson and Congresswoman Maxine Waters and her legislative colleagues and staff will see the challenges very clearly.
Voice of Appraisal Podcast E226 A Washington DC Shake-Up!!!