Are Appraisers Really Professional?
- 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
2019 is winding down with just one more day remaining. As we reflect on the past, the changes we have seen and the growth we have endured, our hearts are warmed with the accomplishments we have obtained. Appraisers are no longer sitting back and letting others dictate our future. Have we won every battle, no; but our voices are being heard and our regulators are taking notice. Legislators, consumer groups and even Realtors are speaking up in favor of the licensed professional appraiser.
This begs the question, are appraisers really professional? According to Webster’s Third International Dictionary a profession is
“A calling requiring specialized knowledge and often long and intensive academic preparation.
And a professional is
“engaged in one of the learned professions characterized by or conforming to the technical or ethical standards of a profession; exhibiting a courteous, conscientious, and generally businesslike manner in the workplace.
Yes, Appraisers are professionals. We receive specialized knowledge and endure long and intensive academic preparation to become licensed. We go further and continue our education each year to continue to grow our knowledge and skills. We follow the Uniform Standards or Professional Appraisal Practice, which consists of both technical and ethical standards and we (most anyway) are conscientious and business like each and every day.
Looking forward into 2020 and beyond, VaCAP asks that you consider the definition of a profession and professional. What goals have you set to become a more rounded appraiser this year? What classes have you signed up for and what books are you going to read? Review your business plan. Who are your customers? How do you obtain those customers? Take a look back at your 2019 business goals. Did you meet them? If not, what were the reasons? What changes do you need to make personally and professionally to meet your goals?
Let’s grow as a profession in 2020! Stand your ground as an appraiser. Get involved with VaCAP and a national professional appraiser organization. Be informed. Stay informed.
VACAP encourages appraisers across the country to ascend to the next level of professionalism and wishes you a prosperous 2020.
Registration is now open for USPAP on Steroids with Maureen Sweeney in Virginia Beach on February 5 and Abingdon, VA on February 7, 2020. See the flyer and register here.
Shall we agree that we disagree? I agree that valuation SHOULD be considered a profession. I vehemently disagree that the appraisers who make America’s valuation work force today should be considered professionals. Genuine professionals fight tooth and nail to prevent their profession from being extorted or hijacked by another industry (see U.S. banking lobby). Banks have reaped billions off of the backs of appraisers since 2009 and continue to do so with no sign of rebellion in sight from appraisers.
Undeniable proof that a profession can exist while being occupied by amateurs and journeymen.
Amen Retired …….Dying ain’t much of a living.
Valuations should be considered a profession???? Appraisers should be ??? What have we made of ourselves?
Nose around the various groups what are we being called? CAN we buy, publish, advertise, act as, dress as and be considered as something we may not practice?
TOO many question marks!
I will stand my ground for another 2 – 5 years before I am done with this disaster. Over the last 36 years the majority of the changes have not been good ones (licencing was the best thing to happen) and they will not get any better. I really feel sorry of the new ones entering this profession.
A professional needs to set his-her fees to reflect the weight of the job. When the client sets the weight of the job a technician may be adequate.
Many of the jobs available to appraisers can be accomplished by technicians, some jobs require reputation and net worth. An insurance company can issue protection, reputation allows defense.
A lender can insure against fraud, can an appraiser?
If individual people could reference me and request my services specifically for mortgage lending appraisal services I’d be able to drive substantially higher fees. Probably I’d see an instant doubling of service requests from people interested in the quality of service as opposed to merely demanding low fees and fast turn times, repeat business, etc. I should have been a realtor and am going to make that transition one of these days. Tired of people who know substantially less than me earning substantially more.
The appraisal profession is capable of supporting professional behavior. The improperly co mingled appraisal and amc fee provides consistent disincentive for many mortgage lending realm appraisers to care about ethics or professionalism. One ponders if non licensed telecom amc workers can claim professional status. Is it courteous or conscientious to conceal fees, drive down vendor fees for variable opportunistic profit without returning cost savings to consumers, non payment to vendors, promoting outsourced services, lying to the vendors they work with.
It’s important to maintain a positive attitude but I would not recommend an independent appraisal position to anyone at this current point in time. Until the financial incentive for amc’s to rip appraisers off at every turn is vanquished, this industry will never recover. Mortgage lending fees will remain frozen in time to infinity and will never again keep up with relative earnings of other similar industry professionals. Simple one off paperwork processing requests from various closing services now outweighs the appraisers laborious efforts that can take days or weeks to complete, without all the ce, licensing, or independent labor sacrifices. When mortgage lending falls, appraisers will go down like domino’s, it’s not if, but when.
Please advise when the fictitious cfpb interpretation of safe harbor rules pertaining to DF Reg Z on C&R fees will be rescinded, when the amc fee will be properly separated in entirety from the appraisers service fees.
REMAIN POSITIVE EVERYONE
Honestly think things are going to begin to improve as more AMCs fail.
Predicted HELOC volume hysteria is not panning out as projected.
AMC organic search traffic on Google is declining precipitously. Only a small handful of AMCs are getting a meaningful volume of searches. The ONLY thing keeping these idiots alive right now are low interest rates which have already bottomed and are now increasing.
HAPPY NEW YEAR
Let’s not hijack VaCAP’S message folks. It’s pretty serious and they take a lot of time to communicate with us. They also continue to try to improve conditions for all their member appraisers.
We can quibble about defining a “professional.” That’s only part of the message. For me the bigger message is STANDING YOUR GROUND!
Far too many of us are still ‘going along just to get along’. Collectively we frequently fail to stand up for what we know is right, in the face of an AMCs loan officer driven pressure to make changes. Even when coercion is applied, we MUST stand up for ourselves.
A few state coalitions help appraisers do this. AGA helps all member appraisers to do this. Let’s take the message the way it was intended before we void its impact, and do the work of our opponents for them.
AMCs and REVAA, as well as others, love it when appraisers divide themselves. They like it, even more, when we kill off our own positive ideas for needed improvements in conditions affecting us all!
Well said Mike Ford! VaCAP has been one of the most active and vocal coalitions and honestly, is. It’s not afraid to speak the truth. The naysayers will always be around, but it is far time we start leading the profession and not let it be dictated to us.
The amc business model is a complete failure. The only thing accomplished was the fact that money was taken from local business and shipped out of state to the pockets of corporations. There is far more pressure on appraisers than there ever was with brokers and loan officers ordering the appraisals. The quality of report being submitted through amcs is far inferior to any other appraisal report.
The truly sad part of all this is states are unwilling to enforce their own laws when it comes to amcs. Their own citizens are not being protected. I have more respect for Louisiana, than any other state. They are doing the right thing.
Also re states, Louisiana is the hero of the FEDERALLY MANDATED C&R fee battle. Virginia did well setting a minimum but their record of enforcement is reportedly abysmal. New York and New Jersey are showing promise.
So too are Texas, New Mexico, and Georgia.