Sorry, HousingWire, You’re Wrong
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022
- Is Georgia Going Rogue? - June 13, 2022
- Bias in Automated Valuation Models - February 28, 2022
Appraisers Blasted HousingWire…
Last Week HousingWire published an article about the appraiser shortage. The author did not source appraisers for factual information and relied on the propaganda being fed by Appraisal Management Companies (AMCs).
“At the current pace, appraisals can kill deals and even give cash buyers an added advantage, according to Urban Institute’s report.
Some argue, there are not enough appraisers to meet the rising homebuyer demand as they struggle to fill out long or even redundant forms. Appraisers themselves often comment on HousingWire message boards and say there is no shortage; Quality appraisers are just unwilling to make, what they say, are unreasonable concessions.”
Appraisers commented and told the author how wrong they were. Then another article was published telling appraisers “you are wrong.”
“Many complain about the appraisal management companies, and the allegedly excessive fees they demand from appraisers…
Some even went as far as to call HousingWire “fake news” and criticized the “inaccurate reporting.” Others make fairly strong arguments that the government-sponsored enterprises collude to undermine the appraisal industry. However, appraisers failed to prove that there is not a labor shortage in their field.”
Well the profession came together and blasted the author again…
“No offense to the reporter, but this article is wildly bias against the reality of the appraisal community, just like the Urban Institute article this article was based on – that based slow closings on appraisers and not the AMCs that don’t pay the market rate. This confirms Housingwire’s biased against the appraisal community. This was clearly written for the AMC community which are paid advertisers. Back in the Paul Jackson days you could count on some semblance of neutrality despite economic advertisement reality. Now, this article and headline was pure clickbait. Housingwire remains very protective of the false “appraisal shortage” narrative only seen by AMCs and remains silent on the appraiser lawsuit against Coester, a close friend of Jacob Gaffney…”
Now finally, HousingWire is publishing factual information by an appraiser, Jonathan Miller. No sugar coating, no negativity, just the facts in simple terms.
“AMCs take half of the market rate appraisal fee to manage us. This administrative fee is earned by confirming we had a license, forcing us to interact daily with 19-year olds — chewing gum checking on the status of their appraisal — subjecting us to expanding scope creep to validate their existence and run analytics on our appraisal opinions to keep us accurate. This relationship is done all in the name of compliance even though there is no regulation requiring banks to use AMCs. And remember that litigation of cases involving AMCs such as eAppraiseIT showed collusion on a much larger scale.
AMCs pushed the idea that a 50% fee reduction net to the appraiser would not have any impact on quality. Of course, if that were true, wages across all industries in the U.S. would be halved almost immediately. And best of all, the 50% pay cut to appraisers would be hidden from the consumer to reduce their “confusion” as advocated by REVAA, the AMC trade group.”
This is a major step for appraisers. OUR VOICE IS BEING LISTENED TO! VaCAP encourages each person reading this to read the article on HousingWire, comment and share. Your voice is being heard loud and clear!
Thank you HousingWire for publishing the truth!