By: Ms.Appraisal'Nazi'

Ms.Appraisal'Nazi' — Wed, 28 Dec 2011 21:35:09 +0000

I never get tired of reading these kinds of letters or statements. I happen to work for one of the largest AMCs in this nation and by being an on-site rep for that company, sitting in our client’s office (again, one of the top 3 lenders) AKA ‘the belly of the beast’ far far away from where my boss or company can see or save me, it’s honestly very hard for me to do what I do knowing the treatment appraiser’s receive. They (my lender/client) do call me the appraisal nazi, mainly because I am quick to set them and their borrowers/realtors straight (dangerous move since they are the very supplier of my own financial support for my family) when it comes to their actions against or requests from our appraisers. I wish someone, from outside of the actual licensed appraisal profession, would just stand up and say “this AMC business is BS!” as I have so many times. Fannie, Freddie, FHA…all of them put the regulations on lenders, saying what kind of properties they can and can’t lend on…. Lenders using AMCs are requiring revision after revision of the appraisals they receive..making small but ever-so-important changes to the existing property data, AND SUDDENLY the property conforms to those regulated lending ‘rules’. Its ass backwards…the appraiser takes the fall constantly when the lender can’t make the glass slipper fit for a loan, since why would the lender own up and say “BTW, you’re property and the surrounding market are crap” when they could just blame the valuation outcome on the appraiser…who, which i strongly agree as mentioned above, received only a portion of the total appraisal fee and much more abuse than should ever occur. I have been scolded for saying during conference calls “well, why complain about quality when ____ bank only wants to pay $15.99 + S&H to get the traditional result of a $600 quality appraisal??? Raise your contract fees for appraisers…. stop beating them to death with the regulations inflicted on your lending allowances, and maybe, just maybe, the real appraisers with the most experience, most respectable appraisal quality..well, they just might come back and do work WITH you again”. But, as mentioned many times before, the little people like me don’t count, My opinions are just those of a mouthy-woman, so the beat goes on. I guess only time will tell how much power is given to those with too much as it is until everyone else that has given their all to this industry, have nothing left.

By: Retired Appraiser

Retired Appraiser — Fri, 05 Aug 2011 01:47:54 +0000

I admire the Virginians for their effort but to be frank (no relation to Dodd Frank), Congress will file this letter under “yawn”. They’ve heard the same old story at least 200,000 times over 2 1/2 years. It’s not that they don’t care Virginia, it’s that they are paid to look the other way.

Find a way to compete with a billion dollar plus banking lobby for influence over Congress and you’re on the right track. Your other option is to boycott and shut down the mortgage market (the equivalent of grabbing the testicles of Congress and twisting until they listen).

Someday appraisers will get it….but I doubt that I’ll live long enough to see it.

By: McZero

McZero — Wed, 03 Aug 2011 21:04:29 +0000

Great and powerful letter I love this part “At a time when unemployment is skyrocketing and the housing market is in shambles, the federal government has essentially endorsed further theft of the consumer’s hard-earned money to fill the coffers of the very same big banks and investment companies that caused the housing market collapse.”

Thanks for the post and link! I’ll go check them out.

Comments on: Negative Repercussions of HVCC & Dodd Frank Act – VaCAP

By: Ms.Appraisal'Nazi'

By: Retired Appraiser

By: McZero