When Appraisers Rally: Korea Sends the U.S. a Wake-Up Call
In Seoul, appraisers didn’t write op-eds. They didn’t file quiet complaints. They rallied. And Korea took notice. On September 29, the Korea Association of Property Appraisers (KAPA) staged a public protest outside KB Kookmin Bank’s headquarters, condemning the bank’s in-house collateral valuations as illegal under Korea’s Appraisal Act. The Ministry of Land had already ruled the practice unlawful, yet banks continued hiring internal appraisers to fast-track high-value loans. KAPA’s response? Signs, speeches, and a full-throated demand for accountability. Meanwhile, in the United States, appraisers face a quieter, but no less existential, threat. Not just from the GSEs, but from banks...