Sounds like a job for the CFPB

Other new normals for appraisers include being totally prohibited from speaking with lending clients, because of the lenders choice to use amc’s.

Until the industry adopts round robin or equalized distribution of appraisal orders, there will continue to be dramatic inconsistencies from one appraiser servicer to the next. There is no peer standard for appraisers to police themselves, because lenders and amc’s alike have made it very clear that if appraisers don’t play ball, they don’t work.

The powers that be continue to scratch their collective heads while rational beings laugh behind their backs. In all seriousness I ask: “why do they continue to expect a better resut”. George Costanza (Seinfeld series) even figured it out after a lifetime of failure when Jerry tells him “If you continue doing what you’ve always done, you’ll likely end up with the same results day after day”.

Does it really require a genius to solve this enigma? Most of us figured out long ago that if you hire the cheapest mechanic you’ll probably end up with a box of spare parts. If you hire the cheapest barn painter you can expect a semi pink barn from watered down paint. If you hire an attorney who works from his car you can expect jail time, and if you hire a physician who works from his home your dear old grandmother with cancer may not make it.

Bottom Line

An old saying comes to mind is likely centuries old:
“You get what you pay for”.

Another adage that we rarely hear would be:
“You don’t get what you don’t pay for”.

It’s not uncommon to see a 30 year old Volvo or Mercedes on the streets today. When was the last time you saw a Yugo pass you on the highway?

They rest of us seem to get the point pretty quickly. Contrary to popular believe, the government gets it as well. They’re simply being bribed by the banking industry “not to get it”. Thus, they continue to bury their heads (I won’t say where).