Seller Filed a Racial Bias Complaint Against Me
Fannie Mae accomplished what they set out to do in July 2011, when they initiated their Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal. The goal was to collect enough property data to effectively remove appraisers from the home buying and refinancing process.
It all started with Dodd-Frank Act, a several hundred pages Act signed into law by then President Obama, sold to unsuspecting Americans as a protection from the corrupt business practices of banks. Included in this massive financial reform bill was the formation of the Consumer Finance Protection Bureau (CFPB), an agency that was supposed to work with bank regulators to stop risky lending and other practices that could hurt American consumers. We all know how ineffective the CFPB is. It never lived up to its name. Enter stage left the Appraisal Management Company, who for a fee will act as a third party buffer between the lender and the appraiser. Who pays the fee? The appraiser, of course.
Fast forward to today where appraisers are increasingly accused of BIAS by irrational Buyers, Sellers, and Agents (urged on by HUD’s leader Marcia Fudge) and persecuted by state regulatory agencies trying to stay inside the good graces of the Appraisal Foundation (a non-profit organization established in 1987 by the largest valuation organizations in North America who gouges the appraiser every two years by forcing them to purchase their published standards at astronomical mark-ups along with a required 7 or 14-hour course).
Today appraisal “innovation” is replacing appraisers with Artificial Intelligence (AI), bifurcated reports using data acquired by previously unemployed fast-food workers and felons, hybrid reports and the best report of all, the Appraisal Waiver. Yep. Congratulations Mr. and Mrs. Buyer! You received an appraisal waiver!
And today’s national interest rate for a 30-year fixed rate mortgage is at 8.02%.
But I’m not telling you anything you don’t already know. Except for this. My year-to-date appraisal income for 2023 is approximately $17,000. For those of us that are not good at math, that’s about $1,900 a month and that’s only income; we haven’t mentioned the astronomical expenses required to maintain an appraiser’s license and be available for work (both lender and private). My income has decreased to about ¼ of what it was over the last three years.And I’m not talking about a gradual drop in income; I’m saying my income has plummeted in the last year. I am an independent fee appraiser. I am not an employee. I am a one-woman shop. And I have been thriving as a self-employed individual for the last 17 years as a certified residential real estate appraiser. A profession I was always proud to be a part of.
So what’s caused the sudden loss of income? Could it be because of the racial bias complaint filed against me by an unhappy Seller 16 months ago and the 14-month-long ensuing witch-hunt performed by knuckle-dragging appointed state regulators, ultimately dismissing the complaint because it was without basis in fact? Were lenders made aware of the complaint? Was I blacklisted? At first I thought so, but now I’m more convinced the death of the appraiser is by design. It is intentional. And do I have any legal recourse? Realistically? No.
So take a hard look at your numbers, folks. Are you using your credit cards more? Are you transferring money from savings every month to stay afloat? Have you invested in a website? Performing more marketing? Trying desperately to make ends meet? Did you just receive a statement that payment is due December 31 to maintain membership to your local NAR board and corresponding MLS fees? Have you cut your expenses while fighting increasing inflation?
I have to renew my license in less than a year. Would you?