Let’s Focus on the Public Trust
Banking still hasn’t recovered from the financial crisis using this metric. History is repeating itself right now with the “modernization” movement – code word for “automated valuation” using abysmally unreliable technology.
“Trust” is Hard To Win Back
Trust is a wildly important asset to have in the banking industry. They violated the public trust during the housing bubble and have worked hard but still haven’t reach pre-bubble trust levels. Let this be a lesson to Appraisal Management Companies, Mortgage Lenders, GSEs and Regulators who are currently working hard to undermine consumer trust again through the mortgage valuation process in order to generate more volume.
Here’s yet another amazing infographic from Visual Capitalist infographic:
- GSE Exec Boasts Scheme to Slash Appraiser Numbers - May 2, 2024
- Valuation Connect Demands Licenses, Denies Fair Pay - April 9, 2024
- Appraisal Reviews for $3 – The Devaluation of Appraisers - January 16, 2024
We love that chart!
We can work with the digital revolution and even push it forward but full-blown reliance is like ignoring common sense.
https://twitter.com/FindMyAppraiser/status/1134953343695110145
Right below this post is ad for Datamaster
And our elected ‘leaders’ (Cough!) will certainly pave the way for anything the banks want
Why are we paying for other companies data security with all these portal fees? What are we paying for?
Please take a look at this web page. Is this a CU systems data hack example? Pro researchers have put out a public request; help us identify where this massive data set full of personal and real property information comes from…
https://www.vpnmentor.com/blog/report-millions-homes-exposed/
Banking hasn’t recovered from the Reconstruction era, from the 1899 deprecation, from the 1929 deprecation, Etc.
Banking has been a bad partner for appraisers. Appraisers formed about a big problem with bankers during the 1930’s. Somehow or other we Still haven’t separated ourselves. Our legislators have tossed us in with lenders and banks, labeled we appraisers with titles which have made banks appear more honest. BUT we are ancillary to MONEY. What can we do? Keep our own ethics, write engagements out, define our product, use economic theories to justify our opinions, use verified, repeatable sources for information, and write a justified report & charge enough to be creditable
I just received an email from a lobbyist attorney in DC. They represent about 200 of the largest consumer advocacies and affiliated organizations in the country. The folks in Federal Government should be very much aware that they are being watched by many major, nationally recognized organizations that represent many dozens of millions of consumers. Certain special interests may be in for a very rude awakening.
This may be the most interesting post. Looking forward to that article.