Survey Says… Bifurcation is a DUD!

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VaCAP Board
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Survey Says... Bifurcation is a DUD! - Appraisers Blogs“It’s a dud” is the unofficial results on bifurcated appraisals from the OREP / WorkingRE Magazine Appraisal Bifurcation Survey in the print edition of Working RE Magazine that is hitting your mailbox now, an overwhelming majority of appraisers want nothing to do with these products. Less than 10% of the respondents stated they were open to bifurcation products as the appraiser and only slightly more, 13.64% were open to data collection assignments. Fees, liability and a detriment to the profession were the main reasons appraisers will not consider only the data collection assignments.

The survey is still ongoing, but with over 4,000 responses thus far there is enough data to determine a definite pattern. Additionally, nearly 2,000 comments by appraisers were received.

The commentary overwhelmingly suggests that appraisers believe that the bifurcation model and the use of unlicensed, untrained and unaccountable contractors for key elements of collateral assessment will adversely affect the health and welfare of the housing finance system, increase their own liability and damage the public trust

To take the survey, click here.

To read the comments, click here.

Image credit flickr - Alan Levine
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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9 Responses

  1. Avatar Koma says:

    Good news! Always stated all they needed from us Appraisers was our signature for their (more money for them) scam.

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  2. Kathy Morton Bunting Hoey on Facebook Kathy Morton Bunting Hoey on Facebook says:

    Bifurcated Appraisals are nothing but junk! Junk for buyers and junk for lenders. Glad we have largely stuck together in rejecting them!

    9
  3. Avatar Carl says:

    Finally something we can all agree on!!

    8
  4. Avatar Bryan says:

    I respectfully wonder about the 10% that say they are OK with bifurcation.

    2
  5. Avatar Bill Johnson says:

    The question is, does it mater what most appraisers think?

    Seek the truth.

    5
  6. Avatar Cotton says:

    We are all fully aware that Bifurcation was nothing more than a money making scam pushed on the appraisal profession by the AMCs and the GSEs. The AMC scam group know as REVAA has been pushing the bifurcation scam and utilizing lies such as appraiser shortage to undermine the integrity of our profession all in a pursuit of retaining as much of the appraisal fee as possible. The heads of the GSEs and lenders have been scammed into pushing these lies also. REVAA succeed in forcing the AQB into lowering the requirements to obtain an appraiser license in hopes of recruiting low paying unqualified appraisers to complete these garbage reports. Lyle Radke and Dan Wiley are equally as guilty as the AMCs at attempting to manipulate and ruin our industry. Bifurcation appraisals are not more reliable, not faster and are extremely flawed. This information was given to me directly from those working at the GSEs who are currently reviewing bifurcated appraisals completed by companies such as meuller, clear capital and a few other amcs. The GSE reviewers believe these bifurcated appraisals are no better then a BPO and should not be utilized for any type of lending. Im glad appraiser are all fully aware of this manipulation and we should work hard to make the consumer, the State and Federal government aware of these scamming bifurcated issues! Have a blessed day and stay safe!

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    • Baggins Baggins says:

      Meanwhile, the appraisers that completed them are often identified by having multi state licenses in distant areas. And those appraisers did so well, they are often sitting on appraiser group member boards and in top positions elsewhere. Nothing will come of it because in this industry, crime pays, it pays very very well, and brings prestige. Ethics means nothing when the book is rewritten every few years to appease special interests. Ethics in appraisal is no longer tied to morality. The notion you can work with bad actors, undercut your peers, cut in line, defraud homeowners, then be praised for having set them straight…

      4
  7. Avatar Ralph says:

    I spoke to bank who gets it and put it this way, why would we want that product that pays a data collector $75, the appraiser $150, the AMC taking at least $150, so that’s $375, when we can pay a Certified appraiser $500 for a better product and not deal with bifurcated garbage!

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Survey Says… Bifurcation is a DUD!

by VaCAP Board time to read: 1 min
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