Comments on: 100% Liability for Information Relied Upon

By: Mike Ford, AGA, GAA, RAA, SCREA, Realtor®

Mike Ford, AGA, GAA, RAA, SCREA, Realtor® — Tue, 19 Jun 2018 12:30:59 +0000

AMCs and AMS are only the facilitators of the very long term published goals of MISMO.org and their advocates in TAF.

1. hybrids are required in order to lower the standard of acceptability for what is considered ‘an appraisal’

2. First SFRs, then income property

3. Then narrative commercial (elimination of all charts and graphs).

4. The ELIMINATION of hybrids and conversion to full online automated valuation.

This isn’t guesswork. Its all spelled out in available MISMO publications already. As long as the powers that be can divert out attention from the real issues and threats, they will keep shaving away at ALL appraisal credibility.

By: Milton P

Milton P — Thu, 14 Jun 2018 19:28:37 +0000

The appraisal process is not broken. It is the lender process that is broken. We do not have issues with private clients. Nor do we have issues when lenders order direct. The problem is the amc. They do not add any value to any entity; In fact, they create a liability for lenders, investors and consumers

Amcs are supposed to be a firewall. Why are they hiring staff appraisers? Why are they talking to Congress? Why are they talking to Fannie and Freddie? Why are they talking to Moody’s? Why are they developing alternative products? Who gave them any authority? Do amcs think they are industry disruptors?

Fannie Mae is in consvertorship because of poor decisions on their part. Are they really the best source to initiate change of the appraisal process? Shouldn’t their priority be to get their own house in order? What makes them the authority on the appraisal process anyway? Certainly not their colossal disaster they call Collateral Underwriter. Why isn’t Fannie focusing on fixing Collateral Underwriter?

By: Advocate

Advocate — Thu, 14 Jun 2018 18:54:45 +0000

Modernization can not happen as long as AMC’s are in the middle. They are the root of most of the issues in todays environment. Get rid of them and then the profession can move forward, otherwise it is just a continuation of the race to the bottom.

By: Baggins

Baggins — Wed, 13 Jun 2018 23:14:57 +0000

Oh yes, we will look forward to the minutes of that meeting. What’s up with all the corporate buzz words, ‘modernization’. Why exactly should it be modernized in the first place. What we have works, if only they’d stop meddling with the details and structure of engagements in an obvious effort to circumvent effective checks and balances systems. If there is any modernization of the process to be had, I think there should be clear disclosure regarding outsourced services which clearly bring more risk to the consumer. Such irresponsible operations do not currently need to be disclosed by the appraisers. The new FNMA form should have language regarding whom inspected exactly, who typed up exactly, defining of any assistant services were foreign or domestic, the charges paid for that service, etc. Also to include consumer protection for unearned fees, a mandatory slot for consumer billing and appraiser billing alike, all to be filled by the appraiser. Open the curtains and let the light in on these nefarious industry practices.