The Appraisal Profession’s Perfect Storm: A Veteran’s Take on a Dying Craft
I’ve been an appraiser since 1993, back when fax machines were cutting-edge and the internet was a clunky novelty. Over three decades, I’ve seen this profession weather storms — economic crashes, regulatory overhauls, you name it. But what’s happening now? It’s not a storm; it’s a tsunami. Our industry is hemorrhaging talent, drowning under false accusations, and getting squeezed by corporate greed and bureaucratic overreach. As someone who’s stubbornly refused to bend the knee to Appraisal Management Companies (AMCs), I’m here to lay it all bare — the numbers, the betrayals, and the sneaky maneuvers threatening to bury us. Buckle up; this is an opinion piece from the front lines, and I’m not holding back.
Let’s start with the cold, hard truth: we’re a shrinking breed. According to Chase Pursley’s 2025 Appraisal Subcommittee (ASC) data analysis, only 66,715 unique active appraisers hold 91,290 licenses across the U.S. Compare that to March 3, 2010, when AppraiserForum pegged the ASC count at 114,640 licenses — a 20% plunge in 15 years. Rewind to the early 2000s, when we topped 120,000, and it’s clear we’re in freefall. The kicker? Only 27.8% of today’s appraisers boast over 20 years of experience, while 35.2% are greenhorns, still learning the ropes. Veterans are bailing, and newbies aren’t rushing to join this perfect storm. Forums, blogs, and social media are littered with tales of appraisers retiring early or jumping ship, and who can blame them in this perfect storm?
The last few years have been a masterclass in how to alienate an entire profession. Take the Biden administration’s push, amplified by legacy media, to paint appraisers as racists. The National Fair Housing Alliance (NFHA), flush with millions in federal cash, ran misleading ads that vilified us, sowing mistrust without a shred of courtroom-proof guilt. Not one appraiser has been convicted of bias, yet the accusations flew. Some, like Shane Lanham, are hitting back with defamation lawsuits, but the damage is done. HUD piled on, targeting small-time appraisers with what feels like a harassment campaign — there were even whispers of using convicted felons for “discrimination testing.” Meanwhile, censorship reared its ugly head, with federal officials and GSEs like Fannie Mae and Freddie Mac allegedly muzzling appraisers who dared report honest valuations. It’s no wonder so many are saying, “I’m out,” as one appraiser vented on AppraisersBlogs, calling the profession a “nightmare.”
Then there’s the AMC racket, a parasitic middleman scheme that’s not only bled appraisers dry but also siphoned a staggering $12 billion from homebuyers, as the Appraisal Regulation Compliance Council (ARCC) uncovered. I’ve written about their lack of fee transparency — a polite way of saying they’re skimming our earnings while appraisers scrape by. Another appraiser laid it out on AppraisersBlogs, detailing how AMCs hide profits through deceptive billing, paying appraisers a fraction of what consumers fork over. I’ve never worked for an AMC, and I never will. Why should I let some desk jokey siphon half my fee for “managing” my work? It’s exploitation, plain and simple, and it’s driving appraisers to the exits. The less we earn, the less appealing this gig becomes, especially for new blood who see the math and run the other way.
Fannie Mae, ever the innovator in sticking it to appraisers, is at it again with their shiny new Uniform Appraisal Dataset (UAD) 3.6 form, slated for late 2025 or early 2026. This beast demands a mountain of extra data — think individual component depreciation levels and hundreds of new data points. Inspections will now take significantly longer, all for the same pay. It’s like asking a chef to cook a five-course meal with a toothpick. And who’s cheering? The unlicensed property data collectors, who’ll be tasked with gathering this avalanche of info for a measly $20 a pop? Good luck with that. This isn’t just busywork; it’s a calculated move. Those extra data points are likely fodder for Fannie Mae’s Collateral Underwriter and automated valuation models, feeding their dream of an appraiser-free future. Why hire us when a computer can spit out a number? Never mind that those models often miss the nuance only a seasoned appraiser can catch.
Speaking of cutting us out, appraisal waivers are another nail in the coffin. The Federal Housing Finance Agency has expanded these, letting loans with sky-high loan-to-value ratios skip traditional appraisals. Then there’s the rise of unlicensed data collectors — some with rap sheets, like the convicted felon hired as a “property data collector,” as AppraisersBlogs exposed. Fannie Mae’s also pushing hybrid appraisals and desktop reviews, often handled by folks with barely any field experience. One GSE executive even bragged about slashing appraiser numbers. It’s not hard to see the endgame: replace us with cheaper, less qualified alternatives, consequences be damned.
The irony is rich. Appraisers are the backbone of a stable real estate market, ensuring valuations are accurate and trustworthy. Yet we’re treated like punching bags — slandered, underpaid, and buried in red tape. The new UAD form, the AMC fee gouging, the waivers, the censorship, the false bias claims — it’s death by a thousand cuts. No wonder so few are joining the ranks. The training is grueling, the pay’s abysmal at the start, and now you get to dodge lawsuits and navigate a form that feels like it was designed by a sadist. Who’d sign up for that?
I’m still here, though, because I believe in the craft. There’s something noble about walking a property, piecing together its story, and delivering a number you can stand behind. But the powers that be seem hell-bent on making that impossible. The NFHA’s funding may have dried up under Trump, but the scars remain. The push for automation and deregulation isn’t slowing down. And those AMCs? They’re still laughing all the way to the bank. If we don’t start valuing appraisers — our expertise, our objectivity, our grit — this profession won’t just shrink; it’ll vanish. And when it does, don’t be surprised when the housing market feels the the full force of this perfect storm.
Nailed it. I’ve been grinding since 2001 — back when you could actually make a living, do solid work, and not get second-guessed by someone with zero field experience sitting behind a desk. Fast forward to now? It’s like watching the profession get gutted in slow motion.
This isn’t just reform — it’s a hostile takeover. Between the AMC parasites skimming half our fees, the endless gaslighting from GSEs, and the weaponized bias accusations, it’s death by a thousand cuts. The new UAD form? That’s just Fannie’s love letter to automation. More data, more time, more liability — same pay. And now they want felons with iPads doing property data collection? You can’t make this up.
The racism narrative? No convictions. No courtroom proof. Just media noise and bureaucrats hungry for a headline. Meanwhile, seasoned professionals like us get muzzled, second-guessed, and hung out to dry while AMCs and data collectors laugh all the way to the bank.
I’ve never bent the knee to an AMC and never will. This profession used to mean something. Now it feels like we’re just placeholders until the bots finish training. The kicker? Nobody’s lining up to replace us. And why would they? You start out broke, overworked, under attack, and you get to shoulder the liability for other people’s mistakes. Sounds like a dream, right?
But I’m still here. Not because it makes sense anymore — but because I care about doing the job right. That used to count for something. Now, it just gets in the way of someone else’s bottom line.
If we don’t start pushing back — loud and unapologetically — this profession won’t fade. It’ll be erased.
Good post. I would like to stay in just a few years more… maybe 4. I have been in this 44 yrs..and it’s my second career… first teacher, special education director… but switched taking over my dad’s business. He was an SRA in the Berkshires- Pionner Valley of MA. I also got my SRA . I expanded into lower VT, NH…all rural where the 3 states meet..one county each state.
Appraising is no longer, no for years, an opinion of value that is wanted. They want you to point to a manual now for every adjustment. This is the death of it all. Allowing AMCs to hire their own appraisers..wasn’t that what FIRREA was about 30+ yrs ago? I retired my SRA maybe 6 yrs back as it really meant nothing. I’m thrilled to find 3 comps within 10 miles of the subject. I know my area. I am a skier. I raised horses for years. I know that it’s white washed in an old barn, not paint. I know people would kill for a good slate roof..that it’s not an ‘old’ roof to be replaced. The new format…now put off until late 26, I’m hoping doesn’t happen. It will finish off so many more appraisers.
I remember when licensing came in. My father said this will be the death of us. When licensing comes in no one looks at who you are, experience etc..just do you have a license.
My experience, knowledge is priceless. No manual can do this. I’m sick that FNMA, still in conservatorship, has this kind of power.
No one is paying attention. This is setting us up for a very big fall I’m afraid.
When Trump was accused of overinflated values on his properties a few years ago, appraiser was never mentioned. Was there even one?
Why are we saying much more data in the new format for the same money. Say for much higher fees. Don’t feed that expectation.
Good luck to us all
I could not have said it better myself!
Hail yes!!!
But never stop fighting!
Go AARC!!!
Also pay attention to HB 1081
In Oklahoma!
https://legiscan.com/OK/text/HB1081/2025
Look at that. Pretty great.
Sure beats the anti appraiser bill CO legislators just pushed. One of the appraiser member groups even severed it’s alliance with the other over this nonsense.
https://leg.colorado.gov/bills/sb25-035
More like a 50% reduction in the number of appraisers.
Kathy Hubbard Bright, agreed. More than 50% in my state. Some of it was desperately needed, but certainly many good Appraisers were pushed to the breaking point and simply left. The crazy amount of pressure and stress, stupidly low fees, scope creep, highly unrealistic lender and regulatory demands, and being treated as if we are lower than the worst humans to have ever lived has been tough to endure. After 28 years, I thought I was pretty mentally tough, but I’m seriously considering bailing out myself. I don’t need this shit from uneducated idiots at AMC’s and regulators with zero actual experience or understanding of these crazy rules they continue to push and how they actually react love n the real world.
Down to part time and sometimes work myself. The hardest part is realizing it’s not our fault and we didn’t fail at our jobs.
Kathy Hubbard Bright , wow. You know, that actually hits pretty hard. I never really stopped to consider that as a conscious thought. I suppose I instinctively knew that, I think anyone who is on the front lines in this messed up industry probably instinctively knows that, but never really stops to think about it. But yes, that is correct. We have toiled away, often at 70-90 hrs or more a week, sacrificing our souls, our family, our everything as if we are nothing but machines for these useless AMC’s and lenders, but the reality is that we dealing with the results of over educated and utterly out of touch people at much higher levels who continue to make useless, and nearly always, time consuming rules that take more and more of our time each year, with no actual meaningful impact on the actual point of our profession, that is, an accurate value. It seems that the value is the last thing on any AMC’s, lender, GSE, or regulatory person’s mind. It is more about worshiping a process and check-box styled system. No one seems to care for even 2 seconds as to whether or not these endless demands on the Appraiser actually result in any meaningful step forward in terms of getting a more supported and accurate value, but instead it is always….did we follow some utterly useless rule that has no positive impact on either concern? And worse yet, we have literally no one who has an ounce of power to advocate for us or our profession. We have been boxed into a corner in every possible way to be nothing more than fodder for the meat grinder that is the mortgage lending industry (at least that is the space that nearly all of us live and try to survive each day, not enough work from other sources for most of us to scratch out a decent living). I can’t think of another industry that is vital to a healthy culture and economy, in which that profession has absolutely no ability to affect its own day-to-day culture. It is beyond sad.
Kathy Hubbard Bright probably at least a 50% reduction in the number of APPRAISALS as well.
In this industry, if one wants to be in service to the American consumer, protect due process and property rights. You’re not allowed to as a mortgage lending appraiser. You play ball or get blacklisted. Another round of refried refi’s with a rate drop is not going to save anyone, will only make things worse, as the avm final rule, hybrid allowance, parea and pdc programs assure the pro’s will not be receiving much of that either. It’s all one big cover to mask the outright fraud and incompetency which led to the necessary offloading of risk to crt’s and the wholesale loan program which allowed people whom would otherwise have defaulted to stay with artificially low adjusted terms nobody else in the market is able to access. Permanently locked in over valuation and sky high housing prices for everyone. For ever.
Retirement ain’t going to save anyone, and neither will ignoring the issue and moving out of GSE lending work. You’re going to pay those higher taxes and higher insurance fees, lose home mobility, and will be locked into a debt trap for the rest of your natural life, along with every other citizen whom needs mortgage lending services. Guaranteed. ‘Appraisal modernization’.
Chris Jackson based in the numbers I’m down 39% form last year at the same time. Thinking and looking for side gig soon. But,,,Too old for giggalo, too moral for pimp, time to think outside the box and get r dun.
But you’re already on the all name team……
“Only” 66,715 and yet it seems work is slower and fees in terms of real dollars are lower than ever.
Mike Chavez Jr. and look at the increases in amc’s still popping up, but the retraction of them makes it seem as they are decreasing, they are just getting gobbled up by larger monopolies.
Well done !
Excellent article.
Spot on. Best to leave the mortgage-related work in the rearview mirror and get creative…. Eminent domain (yes, even for land and residential), tax valuation appeals, employee relocation, and other client sources. Don’t get stuck, move on – there is life after mortgage-related appraisals.
Great post, Desiree. I will point out that the experience levels I crunched are probably way off due to a reset of many appraisers first-licensed date. 35.2% newly licensed appraisers in the past 5 years seems wildly optimistic, especially considering a portion of that was during Covid times. That number is likely much lower according to Appraisal Foundations surveys and stats.
It’s actually still shocking how bad the data quality is (largely due to inconsistencies with states), but also due to old-fashioned incompetency and politics. Getting an accurate count of appraiser licensing data is actually a relatively easy thing to rectify from a technical perspective (basically, implement a unique ID system) but the current status of the ASC seems to be in limbo at the moment…
Many folks have contacted me in response to my findings and have helped fill me in on some missing backstory, tidbits and other details. So don’t hesitate to reach out if you have some interesting insights or details: https://www.jobsinappraisal.com/contact-us
Hi Chase
Attached is the 2023 survey from the CA Bureau of RE Appraisers. It looks significantly different than yours.
Regards,
Frank
Thanks, this seems to reflect what I mentioned in my comment where I stated the length of time licensed is off because the ASC data is of poor quality (licensing date data has been reset for some).
Desiree- you hit the nail on the head. The onslaught is real. I’m wondering if 26 years of appraisal experience is worth more if I give up my license?? Food for thought. The market will turn into a cluster.
I also remember when the fax machine was the way we received orders. It was such a good time back then. We have to help support our local credit unions. And privatize our local MLS to put a stop to the data mining. NAR is part of the issue as well.
Desiree, kudos on an accurate and articulate summation of the appraisal profession! I will show this to my wife, so that she will understand why I let my license expire after 32 years! Best wishes to all those who continue to do honest and thorough work in the midst of the struggle!
It was very well written and 100% accurate. I hope to be retired in the next couple of years. I haven’t worked for AMCs for many years. These days, I do only VA work. I’ve let a couple of my clients know I’m considering retiring, and they asked if I had someone trained to take my place. I said, HECK NO! Training someone is another 5-7 years I’d have to be in this business. This profession has been good to me for the most part, but it’s time to start looking at retirement. My business has slowed over the past couple of years, so I’m going to just bow out gracefully.
Near perfection stating the truth about what is happening to all residential real estate appraisers.
Thank you.
And so be it, I’ve got over 25 years in this profession and do love what I do, however I’ve been priced out. Fees for software, insurance, realtor memberships, license fees, gas prices along with AMC taking their cuts, low fees that harken back to the 1990’s. It doesn’t make since anymore there is no profit. So yes I’m out one less certified residential appraiser.
I’m done. After 33 years I just put my license in Retired status. I can reactivate it in the future, but I honestly don’t want the stress. It’s not worth getting paid the same fee I was paid in 2000 with 5 times the amount of work. Plus the probability of being accused of being “biased”.
Well done, a concise and complete explanation of the state of affairs. Thing is, this is a universal problem throughout the economy as the ptb push to reorganize society around AI robots and cull the herd to “save the planet”. We appraisers clearly see this in the industry we are immersed in, but we are not alone. The goal is population control as in fewer people being more easily managed by elite psychopathic narcissists. However, it is unsustainable in the long run and delusional. Trump has thrown a monkey wrench into the gears which will give us a few extra years before a total collapse of the system run on smoke and mirrors. God bless him, but its hard to see the current economic-civil paradigm lasting past 2032. I’m glad I’m old. The good news for the young, smart, and strong is that Civilization will get a reboot of liberty and freedom out of the wreckage allowing hard work and virtue to again have value. These cycles are age-old.
Robert Burns saw it long ago (225 years): To A Mouse
The best laid schemes of Mice and Men
Often go awry,
And leave us nothing but grief and pain,
For promised joy!
Back when I started in 1978, one polaroid of the front and a one sheet filled out in pencil.
$50 per report and I thought I was rich.
Still working, now with my daughter, who is certified and we are having fun. We are lucky to have a great reputation and we charge what we feel we are worth.
The new form appears to be very detailed and I am sure we will have to up our fees, and we will not get every order, but I still have hopes for the future.
We work for AMC’s, but get our fee and add their fee on top. Again we do not get them all, but we are still ok.
I imagine that in a big city the AMC’s have low fees that some appraisers just take as they need a paycheck.
Giving our service away helps no one.
The AMC fees need attention as does much of our business.
I hope to appraise till I go “wheels up” and hope there is a future for my daughter.
I wish all of us the best………as there is a lot of work to be done.
People , please THINK! It wasn’t AMCs that started undermining firrea Before the ink was dry back in 1989-90. (Hint- look to defining original “stakeholders”…think MISMO).
AMCs were offered a huge monopoly at first (OCWEN, primarily. LSI was bug but didn’t have a monopply back then).
Ocwen had an existing relationship with the U.S. Treasury. Anti Trust violating price fixing was a LENDER DIRECTED condition of selecting AMCs from day one.
That, AND $25.00 to $35.00 kickbacks PER ORDER, to decision makers at the ‘bank’.
Then the AMCs became the lenders paid ‘mistresses’ (I’m trying to be polite)
Circa 2014 or 15 Coester VMS announced and marketed a one (fee) size fits all National Appraisal Fee (WHERE were the FTC whores then?)
People like we Pat Turner, Mike Smalls, Mark Skapinetz, myself, and many others worked to get C&R fees passed on an individual state basis.
Pat Turner led the successful effort in Virginia. AGA supported him at the Richmond hearings.
Skap took on (& ultimately won against Coester, getting him convicted of both criminal and civil offenses).
Despite anti appraiser interference from Revaa (currently working with AI on dubious ventures in the opinion of many appraisers).
Several others got positive C&R legislation passed in Louisiana, South Carolina, and North Carolina. Making inroads to other states as well.
Then an illegal, less than quorum of FTC Commissioners challenged Louisiana C&R compliance criteria. They weren’t beaten in court.
They were buried in litigation costs, ultimately causing them to cave in a settlement.
C&R compliance, despite FEDERAL LAW in the Dodd Frank Act, was simply ignored.
Lender to AMC price fixing is the norm to this day.
Enter Habina Horton & imaginary appraiser racial bias. Originated by a former staff counsel of Black Knight (formerly LSI), a big stir was created in Florida that appraisers were biased.
Coincidentally, BK was positioning itself for a corporate sale, AND promotion of DEMOGRAPHIC DRIVEN anti bias protecting appraisal software. (THINK about a demographic driven program and how it would possibly prevent bias!).
Enter the Biden crime family, and NGOs created (financially incentivize) by government grants to ‘find” appraiser bias.
A movement originally promoted by Julian Glover, an activist “journalist”, and educational organization teachers of equity programs, with dot-edu email addresses appearing disproportionately among plaintiffs in new, dubious cases.
There has never been one such litigated case finding an appraiser guilty of bias. Not one.
Former HUD Secretary Marcia Fudge was elf a proven racist, as evidence R need by her written Strategic Plan in which she promised a special treatment, “especially for people of color.”
That was before she resigned to go join a K Street lobbyists firm. Predimably to benefit from gr a it’s she herself had championed while she headed HUD!
ASC also disbursed questionable grants, against the interests of appraisers. My ‘favorite’ was the one to the clown(s) in England, to deal with AMERICAN appraisers!
In the meantime over this ten year time period (2015-2025), appraisers had enough. Some resigned. Many fell victim to GSE false, quota driven shenanigans used to recapitalize themselves by circumventing Congressionally imposed asset limitations. How? By DEFRAUDING BANKS with false “justification” premise buyback /repurchase demands.
Thanks to using Collateral Underwriter (CU) in ways never intended, and by lying about the nature of “reviews” never performed on appraisers work.
USPAP SR3? FNMA says they are exempt from USPAP. Just like several state real estate appraiser boards do. California is among the most egregious. They changed their state law to exempt their appraiser investigators from USPAP 01/2019…about a year after I beat them in court, and embarrassed them by catching their appraiser perjuring himself about USPAP compliance. In fairness, that preceded the current Bureau Chiefs on boarding. Though she too headed up AARO. Another corrupt, private organization designed to circumvent members state legislators by lobbying ASC, and TAF direct for those special enforcement USPAP changes we all wondered about.
So, we went from over “hundreds of thousands” of appraisers in our heyday, to somewhere in the upper 60,000s today.
Des is always a concise author. And an appraisers best friend by giving voice to our issues. Thank you, a thousand times over.
However, fighting our battles piecemeal in a system DESIGNED to facilitate corruption, and loan fraud, isn’t the solution anymore.
Congress needs to completely rewrite FIRREA. Eliminate its loopholes, that were abused for 35 years.
Eliminate Heinz-57 variable flavors of state and territorial enforcement of what were supposed to be UNIFORM standards.
IF FIRREA or a rewritten FIRREA II is to be followed, then ONLY federal licensing, and enforcement will produce uniform application of that law across America.
States have proven then cannot objectively, or honestly enforce USPAP compliance competently.
TAF needs to be disbanded. Period.
ASB, AQB and the long defunct APB despite original good intentions, have failed in the only real task they had.
To Preserve the Public Trust in Real Estate Appraisal.
They have been side tracked and unduly influenced for too long to be ‘fixed’.
No private organization should be able to make changes in principles or practices that become law by default.
Changes initiated by the original culprit, MISMO.
Their “founder”.
Well said Mike Ford!
Well said!
Mike Ford Hear! Hear! What a great synopsis. Thanks!
Great post!
Our profession has officially been DOGE’D — and not in the good kind of way. Despite what some may think, there’s nothing about what we do that resembles waste, fraud, or abuse. Ironically, the very entities pushing us aside are the ones that should be DOGE’D out of business. We’re the good guys/gals here.
I worked really hard to obtain my degree and start on appraisal courses to get licensed in Alaska. And ended up giving up because no appraisers in my area were willing to take on an apprentice and were all very unwelcoming to new comers. It’s a very gate kept field. I wrote many research papers on the diminished supply of appraisers due to those retiring and no one wanting to come into the field. Kinda hard to get into a field when no one is willing to help eager people wanting to learn though!
Cassia Morris and please do not believe it is all about not wanting to train competition. There is a LOT that would need to be unpacked as to why appraisers do not want to take on trainees. All of the costs involved, current low fees in many areas/cases, lack of work, taxes and additional accounting, lack of time, many work from home and do not want strangers in their homes, etc. It is nothing like becoming a plumbing or electrical apprentice.
oh I am fully aware it’s nothing like a plumbing apprenticeship. I know many many realtors/engineers/appraisers in my area. And it’s definitely not a lack of work or low fees. Your comment kind of cements what I was trying to articulate though, not in a good way.
Cassia Morris excuse me??? Maybe you misunderstood. I am just trying to explain the false narrative that many do not want to take on trainees due to training their competition. While that may be true in some cases, not all. All of those other items mentioned are valid reasons for not wanting to take on a trainee. Most areas lack of work, low fees, lack of time, etc are VALID reasons why appraisers are not willing to train. I have already trained several, and I just cannot, unfortunately, do it again at this point. I hope you do not give up your search.
I agree I have tried and it is very costly and time consuming to take on a trainee.
Teresa Syferd Biggers besides, I cannot, in good faith, recommend this profession to anyone right now with all the junk going on.
Cassia Morris Cassia, I regularly train LICENSED or CERTIFIED appraisers to upgrade their licenses.
It hasn’t been practical to take on trainees since before the Great Recession.
Until TAF is eliminated, and INDEPENDENT appraisers control input into USPAP; under a federal agency, it never will be feasible again. Despite PAREA and any other DEI pandering initiated programs.
Go into law. It’s easier.
Mike Ford, after I passed the national certification exam, my husband said, “you could have been a lawyer in less time.” Stings, but is true.
Cassia
Please don’t give up!
You will be needed and valued in the near future so stay the course. Because it’s the rural and underserved areas that need appraisers the MOST.
Cassia Morris I’m sorry that is what you experienced. I have 33 years experience appraising and just put my license as retired. It’s not that I didn’t want to take on provisional appraisers, I couldn’t afford to. 2024 was my worst year ever. I’ll see what happens in the next few years, but with the new form and AMCs pushing for the lowest fee quote I don’t see anything getting better. Older appraisers would not take on provisional appraisers because they can’t afford to. There is not enough to work at an acceptable fee for the work being completed. I’m also again receiving offers for “property inspectors”. The industry is in flux and no one knows where it will land. It doesn’t look good.
Betsy Mathews right! Some do not believe low fees is an issue, when it has been proven. Not low fees, but an appraiser in my market was just paid $222.60 for a URAR (Borrower was charged $800). I was paid more than that in 1987 when I started.
‘That’s a junk fee.’ Federal violation. Liability firmly set in place. License suspensions. Sanctioning to protect the public trust.
When does any appraiser, mortgage loan officer, or any of these amc’s ever lose their licensing or get real penalties?
Remember the continuing education class; ‘That’s a violation’?
Too bad McKissock aligned itself with the amc industry… They’re in on this charade too.
So is every single state appraiser licensing and oversight board. Being that a top level corporate amc executive or representative sits on the panel with them. Untenable conflicts of interests all around. The structure is plainly wrong. Might as well have a lender sitting on the board that oversees individual licensees.
Was watching Judge Judy on the afternoon shows yesterday. A man was arguing for damages to his rental. There was a home inspector also testifying. Judge Judy was in her usual mode, doling out basic legal lessons to the masses.
“This is law 102, among some of the most basic principals. The inspector is your agent. That means when they are providing services on your behalf, they are you. They stand in your shoes as if you were personally present, representing you for better or for worse, they are your agent. Not being there is no excuse, in the eyes of the law, you were there, because your agent was there.”
Then of course, I automatically thought of the legislative provision; The amc is an agent of the lender… Every single thing that happens with amc’s anywhere at any time, means the lender shares all responsibility and liability for the actions and activity. Where did that junk fee rule for lenders go again…
There will be a day when an attorney will need an appraisal for a divorce or an estate, or a government entity will need an appraisal for eminent domain, and they won’t find one.
Sorry but this is blunt! If it werent for these 💩 ass greedy AMC’s things would be a little better for all of us.
Well, there is always lawn mowing… It’s never too late to make a difference. See the previous three articles here and associated links to contact the FHFA directly, in the comments. It’s not over yet, put the work in and you never know. We’ve all came this far. Like many inventions in history, some bright ideas simply do not stand the test of time. The CU system, avm’s for lending, and gse appraisal modernization in general, appear to be destined for a similar fate. Clearly overkill and counter productive.
Lawn mowing? I have allergies so lawn mowing is out for me.
But I have an older pick up truck that I use to pick up free fire wood on Hwy 1 that the road crews leave. I also have a 27 Ton Wood Splitter that I can trailer around to do side jobs.
So I can be a Lumber Jack and sell truck loads of wood I pick up for free off the hwy. You never know. It might work.
I know for certain I will not be doing any 21 page form reports on 3.6 UAD.
At this moment I have three general purpose Non Lender Reports on my desk now due next week. Still staying busy with Boomer Generation Estate Work.
Yeah. When you have no where to go but up.
At what point is there a possibility that all GSE appraisers can form a class action against FHFA and GSE’s?
When do the working mortgage lending appraisers whom were harmed far more than consumers for a much longer period of time, get to participate in the amc class action lawsuits?
We’d rather FHFA make some serious corrections now.
But if we’re all wiped out, why not push multiple class actions at that time?
Probably would be best to organize and try to start that up asap.
At what point?
Now.
A few years ago I discussed the potential for a multi-billion-dollar lawsuit against FNMA, for the data theft they engaged in BEFORE the new form giving them our carte blanche approval to data mine. Circa 2011 through 2014…roughly.
I spoke with four Constantine and Cannon senior attorneys, that included one partner.
We spoke for almost two hours, and they were very reassuring, but also made it clear that even on a contingency case they were looking for a deep pocket sponsor ‘to cover costs’.
Keep in mind this is the firm that represented the State of Louisiana until that state had to cut costs and settle.
As an executive of AGA, I knew I had no basis to go to OPEIU & then up to AFL-CIO to ask them to underwrite a case that would primarily benefit non members of the Guild.
(In my opinion only), I think the remaining 67,000 appraisers in the country would have to deposit up to $250,000 in an escrow account in order to fund such a suit.
Separate from the above is the possibility of Qui Tam suits, which, based on research, can only be filed AFTER an agency loses money. FNMA has been committing fraud on the banking system systematically since at least 2022. I know it continued through the first part of 2024, though cases of false complaints have dropped off in recent months.
Whether that’s because they cleaned up their act, or they are picking on fewer AGA than before, I cant say. Though how they’d know anyone is an AGA Member without those members using the trade marked AGA designation after their name is a mystery.
I suspect the heat just got to be too much, and they have eliminated many of the blatantly false accusations (so-called Tips).
Anyway, it’s the same old story, it’s always been. “Why doesn’t someone (else) do something?”
Well, that’s where you call Morgan and Morgan, or the company whom recently pulled a substantial settlement for the nearly exact same billing fraud against Ocwen which was from a decade ago but only recently settled.
Need deep pockets? There are your deep pockets. And if the ball got rolling, similar class actions could reach to every single amc out there. Why they’d file cases against only two of them when they all behave this way is a mystery. If things get rolling, the house of cards could fall.
The amc is an agent of the lender. Meaning this charade of passing accountability down to the appraiser and lender is absolved of responsibility, amc claims it is not culpable. All that will suddenly flow the other direction back to the lender in a more professional well informed court setting. Their claim to fame is the locals on state boards don’t understand the law, nor are they required to properly implement the chain of accountability upstream where it belongs. The amc is an agent of the lender. Meaning every action they facilitate happens under the direct approval of the lender, as if the lender performed this action themselves. Failing to properly supervise a duly appointed agent brings exactly zero liability exposure relief in an honest justice system.
The over exposure is so big, a quarter million is sofa change to the investors whom may be over leveraged in these systems. Some sort of open call invite. Or an alternative consultation. A well rounded class action for the appraisal industry has the potential to be the biggest in American history. That’s the truth. And that’s what should be the primary selling point. Hire a consultant group on contingency basis only on successful conclusion to procure the representation on behalf of everyone? There must be a solution somehow.
Baggins, I tried for 30 minutes on the phone to get past the entry level guard at Morgan and Morgan so I could actually speak with a lawyer and failed.
How may retired / forced out of work appraisers (nothing to loose) would want to turn against the AMC’s and expose the truth? With the borrowers name, the lender, the AMC and most importantly an invoice showing what was actually collected/stolen its the appraiser who holds the keys to such a lawsuit. Hell, I bet 100 appraisers divulging such information would be enough to take down the AMC scam.
Morgan and Morgan is dropping the ball.
Seek the truth.
Why not join ARCC? At least we have done something
Very good article! I want to thank AppraiserBlogs and everyone that posts here, it was very informative. After 22 years in the Real Estate Industry (prev. occupation 20 yrs as a Chef) I am officially retiring at the end of this month. It’s been a great ride! One thing I did not enjoy was fee’s in early 2000’s was $350 and fee they are trying to give now but I will NOT take is $350. Unfortunately, someone else is. Thanks again.
I am going to quit focusing on this pathological drama and get my mind going in the right direction. One can never remain sane and moral while working for sociopaths and psychopaths.
I have to agree with so many comments here – 24 years in the business, 2024 was my worst year so far, and 2025 is starting even worse. Some years ago, I tried to take on some trainees – one gave up and went into construction (got paid more). One moved, and now I don’t have enough work to stay in business let alone pay a trainee.
I am going to again encourage people to report this to DOGE – not sure if thay can or would be willing to look into this, but a good point is when a non-lender person needs an appraisal, and none are in the area – what are they going to do then?. CO is the worst with their new anti-appraiser crap. Dave Biggers/Alamode used to support appraisers, but CoreLogic is yet another corrupt beauracratic corporation that has been harming appraisers ever since HVCC and their early AMC co. They, I believe, support the GSEs more than the independent appraisers, they’ve gotten into every aspect of our business platforms, and which eventually will only hurt their business when so many are quiting. Regorra is another one that has caused a lot of harm.
One of my kids thought that modernization was something I should embrace (the new UAD). It’s hard for people in normal professions to understand that we are literally imploding on ourselves by agreeing to complete these; and as much as some of these companies tout how much better and more efficient the work flow will be, the liability is astounding. Another person said I should just accept a $200 fee – at least it’s something. I guess they’re forgetting how much it costs to be in business, the fuel/car repairs, etc. We might as well DoorDash considering the per hour rate.
My thoughts and prayers are with all of us struggling, and not really knowing what turns the road ahead has in store for us. I can tell you it’s difficult as an older person to get a job – still trying after 1.5 years with a partial disability. For those who are looking, please be careful – I am astounded at the number of fake scammer jobs out there.
A note on the convicted felons doing inspections – around 2-3 licenses ago, we were required in CO to have a background check – $60+ at the time. We should make sure people know what’s going on. There are still AMCs requiring a background check!
Yeah, but it’s not really ‘modernization’ of the appraisal process is it? Unless modernizing means you outsource the primary labor tasks to non licensed non qualified third party outsourcing companies half a world away, give up all independent positioning with a multi layered set of unnecessary third party managers. Next time your kids talk to you that way let them know they can have a taste of their own medicine. And you’ve ‘modernized’ their inheritance position. So not to worry, neither you nor them will not have to worry about this any more. Someone else will be taking care of it all start to finish for a mere half the cut. ‘Modernization’.
The modernized appraisal process came and went. As Mr Ford states; Roll back to the original USPAP and get rid of TAF, rewrite or properly implement FIRREA.
Well said. I think I’ve seen it all. I have been at this since 1972 ( The dark ages). In the early 90’s, I had a large office with 16 associates. When the AMCs kicked in, I said “NO”. I called all the banks, credit unions, etc. and said, “Don’t even call me”. Sold the office building, got rid of the associates and moved to my house. I have worked for the VA since 1986. Now, that is all I do and in a very limited area. Now I do a couple of appraisals a week and play golf twice a week. I have never done an AMC work and never will. I suppose I am lucky in one regard. I am at the age that I don’t really need this any longer. I just do it to keep my mind active. Why do you suppose they created UAD in the first place??? Everything in a specific code to build a computer database from our hard work so appraisers can be phased out completely. If you think 2008 was a crash, just wait. “you ain’t seen nothing yet” Computer analysis can never replace eyes on for analysis, but it is sure cheaper. When the new UAD kicks in, that will probably be it for me. Good luck to all you youngsters. I wish you the best.
That is just but one appraisers story. How an additional hundred thousand appraisers never came to be. It’s that theory which had been floating around for DOGE efforts; For every one bureaucrat and federal employee, there is about nine less independent positions as a result of the red tape and restrictive process.
42 years in, haven’t done AMC work ever. Barely any lending work since a few years ago. Still plenty of non-lending work, people get divorced or pass away fairly often. This is still a wonderful business, if you approach it with a positive attitude. Which, by the way, becomes far easier to accomplish once you ditch the lending work. I’ll be around for at least another decade, into my 70’s, as I engineer a “soft landing” into retirement. Don’t want to go cold turkey, too scared of boredom. I can only play so much golf. Good luck to all, I know things are tough all over. Just have to keep grinding. I will point out that good tequila helps.
I’m going to need an entire bottle all to myself. And a tin of desert cigars.
You know we really did earn with lawn mowing back in the day, it was a great summer gig. Who knew?
Great minds think alike.
Thank you.
I am one of those that started in 1993 my plan was to retire at the end of 2025 but I jumped out of the business end of last year and I am so happy I did. Luckily my business over the past many years was mostly all personal. I hooked up with alot of good local realtors. I specialized in lakefront property so I didn’t have to deal with Amc’s and lender’s crap. But still anyone can sue you if they think your value is low and they call it being racist or biased. It can ruin a 30+ year career and I wasn’t going to worry about that. I wanted to go out on a very high note and that’s exactly what I did. I even sold my Company’s good name and online reputation! Good luck to you all; that new form is a disaster, way more liability. I’m sure they’re not going to pay you anymore money for all the extra work. I love the chef analogy. 😊 I wish you all good luck and Godspeed.
This is exactly how they drew it up. We’re dinosaurs and 90% of us haven’t realized the asteroid has hit.
The only thing that could save us is a MASSIVE CRASH. well… that should have happened 4-5 years ago.
Most appraisers won’t swallow the red pill and understand this is so much bigger than appraisers. You really think the powers that be care about 60,000 jobs ???
Hey realtors you’re next! Zillows goal is to be the national MLS and your brokers keep feeding the machine
I’ve been telling brokers, surveyors, inspectors and title companies that for years. They think I’m insane. Maybe I am. We’re little but a tempest in a teacup. The world is going through a tectonic upheaval. Gird your loins.
FNMA was committing fraud 25 yrs ago …which led to the 2008 Crash… and no one went to jail. I read books on this. I listened to an SRA in class who was hired by FNMA in 2007 to figure out what happened. She couldn’t believe it. 65% of the loans made were fraud — and then we bundled them and sold them to other countries as well as in our own. … and no one went to jail. SOOOO this was under Bush. However, I do believe the Dems are in on this. Clinton passed the Gramm-Leach-Bliley Act which overrode the Glass – Steagall Act of 1933 which was to protect the public again the actions of the Banks ie: Wall St. This act opened the door for fraud to take off. and no one cares…….. Dateline confirmed this in an episode I saw later that year.. around 2010 or so
FNMA has already failed, again. Thats why they had the big push to force phony repurchases. Shedding unsold low interest loan bundles with CUs over 3.5, and then down to 3.0.
On the other side, they used DEI as an excuse to fund loans that should never have been made, on properties that were ineligible if inspected, but which slipped through with no inspection or incompetent / dishonest inspection.
Things LIKE 5 unit buildings posing as 4; and other unpermitted conversions of various types as long as the magic phrase “ADU” was invoked.
Thanks Mr Ford. Likely behind the scenes funding lobbyist efforts for ADU zoning expansion in many states as well, in defiance of local ordinance and against the wishes of local residents whom do not want to see high density housing expansion in their formerly peaceful suburban areas. ADU; the new fashionable legislative push.
This time around the bubble does not simply pop from sub prime. The reach of regulatory capture is far indeed, change the rules and enact policy work arounds from the top down instead. Cloud or obscure every previously clear path to accountability and straight forward regulatory compliance. The market reaction result is; higher prices for everyone. Forever.
There are people presuming there will be a housing crash as a result. How about a lifetime of excess costs, higher taxes and insurance, immunity granted to financial predators instead. Middle class will take another hit. As things go south; fed fires up the printing press and buys more mortgage backed securities. Just like a zany gambler with no care about the money in a raging casino; They doubled up compared to last time around, literally, again.
https://www.reuters.com/markets/us/fed-paper-sketches-out-slow-slog-unload-central-banks-mortgage-bonds-2024-09-23/
Blow the bubble up, deflate it for a hopefully soft landing. All the while having dumped the risk and cost on the taxpayer by decreasing the value of the dollar, aka quantitative easing aka large scale asset purchasing, aka taxing the dollar. See how that works? (image)
The illusion of prosperity through debt. There may be a lot more dollars going around (price), but the purchasing power of those dollars is significantly less (value). Investors are seeking a safer exposure position. The pieces are in place to artificially prop the markets and hold the people in never ending debt traps instead. Like moths to a flame, the consumers returned and bestowed confidence to the systems. They could not resist the allure of easy money, freely accessible lending and credit instruments. The financial predators observed them coming a mile away, set the trap, and sprang it with precision accuracy. Again.
Appraisal modernization is a necessary component to maintain the illusion of prosperity, a means to extend the effective periods of artificial value gains to protect investors. Not a coincidence that full automation of the appraisal check to the balance was scheduled for final implementation after the run up. The bubble had to grow first. Under the automated process; Whenever a person has had enough, or though a series of tragic circumstances or coincidences either walks away or is subject to asset forfeiture, that market data sale will be viewed as skewed irrelevant data. Whenever insiders push straw buyers or some other easy access which results to peak pricing, that market data will be considered the most reliable market evidence which avm’s rely upon. That’s when you do not want a human involved to follow traditional and honest market valuation analysis methods, to minimize or prevent honest market corrections.
How to artificially prop a market and maintain the bubble. That’s why I say to the appraisers operating under this delusion that work outside of mortgage lending is some sort of solace or relief. Sorry, no. All you will be doing is analyzing fraudulent and skewed data which makes it to the final record. If there is no free market in mortgage lending, which drives the entire price and value structure for all other real property, only a matter of time before valuation services outside of lending will become irrelevant in short order. VA model is not going to shore up or provide a counter to the propping effect. Because; The VA only issues a minority portion of the over all loans, has a forgiving over 100% variable LTV allowance. So they may slow the growth of a bubble somewhat, but ultimately end up chasing the runaway pricing like everyone else.
I don’t think many appraisers really understand how important their positions really were. Many took advantage of this lack of adequate training and education to form a system where exploitation corner cutting and outsourcing became more common than not in this industry. Someone really should take notice and care about the last 60k appraisers, most specifically the 10k/20k whom are being displaced right now, having specialized in gse origination and asset management, but refused to work with amc’s. Those were the last appraisers on the front line whom made a difference. Everyone else is just dancing to the pipers tune, running out the clock on borrowed time. ‘Appraisal modernization’.
The new world appraiser:
https://modernity.news/2025/05/03/watch-chinese-robot-goes-mental-almost-kills-handler/
To Every Appraiser:
Foreclosures will multiply exponentially over the next few months. I always made more money doing house flips than I did busting my butt as an appraiser.
Line up your partners (if needed) and your financing. Flipping can get you through until you find an alternative to “the corpse profession”.
That is one possibility. Actually a preferable one, leading to market corrections.
There has been a substantial back log of pending defaults for many years now.
That’s where the ‘reperforming loan’ and terms adjustments kick in.
HUD issued some retractions and revisions to related policies in the past few months which bring some hope, but not enough.
I’m skeptical that flipping can be done profitably anymore, with the high cost of labor, insurance, materials, etc, especially here in SoCal.. I’d be interested in any tips you’ve got.
You make your money on the front end, meaning you must buy at a price that guarantees a profit. That is why appraisers make the most profitable flippers out there. A good appraiser will know all of the costs backwards and forwards. I was never surprised on the down side and I purchased a property on Sept.15, 2008 (the day that Lehman Brothers went belly up). A flipper’s greatest asset his or her ability to do research.
Strange. I find myself in 100% agreement with RA! When you’re right, you’re right.
One of my “favorite” recent things was watching one of those updates about the new appraisal form coming out wherein they stated that they were giving the courses away to the lenders and AMC’s while charging us for same. Oh, but hey, we can get credit for the course, huh? Just shows again the disdain and contempt they have for us. We’re all in it together, right?
Great read. Sad what has happened to our industry and nobody to fight for us. I’m still hopeful things will get better.
I agree with you partially Shawn but why would anyone bother to fight for a group that was unwilling to fight for themselves? Appraisers have had a chance to stop this insanity from day one. Most were overwhelmed by simply signing a petition. Stopping the AMC fee grab and the new horse ship form required true sacrifice and few were willing to take other jobs to guarantee a shut down of the industry.
Change you mindset, change your life. Since 1999, I’ve been appraising and pretty much all I read are woe is me stories from appraisers about this profession. And I said PROFESSION because that is what this is SUPPOSED to be. Instead, we have allowed our profession to become a SERVICE that is dictated by others. And no uprising has occured with AMCs treating appraisers like a disposable commodity when nothing happens without our reports.
I had that mindshift. Then, I decided AMC or not, I’m giving them MY FEE and MY TIMELINES. Did it work? More often than not. Those who sent over $275 for 1004 fees, I declined, berated them and let them know they were on a probationary status. Those who continued were dropped. I get the fees I ask for. I work less and create the appraisal reports I always want to- with time to include additional information found. And I am SWAMPED. BUT, I pick and choose and am doing a good job of managing stress. With the orders coming across my desk, there isn’t a lack of business. We must show them how to treat us. Push back, command YOUR fee needed and give a great output.
Good luck and great vibes.
Excellent article. I’m so happy that this BS is finally being exposed, but the real question is, will anything change? I don’t think it will until appraisers fight back as a group and not as individuals. Someone posed a comment that I will quote:
“And worse yet, we have literally no one who has an ounce of power to advocate for us or our profession.”
Until that happens, nothing will change.
Have YOU joined AGA? or any of the other organizations that formed specifically to fight for appraisers AS A GROUP? ARCC?
At AGA in 2015, we managed to get an already passed, & signed law killed by burying it in the appropriations committee of my state through our parent union, until it expired. There’s a limit as to how much our parent union is willing to do for the good of the profession’s non-members.
I, and many others like me have been fighting for many years & creating new organizations; state coalitions, things like ARCC [by Josh Tucker, with Cindy Chance], organized campaigns to block State Based, appraiser shortage waivers, bifurcated hybrids (read about them right here in AB), bad software alternatives and bad player AMCs. Some of those invisible people were the force behind Dodd-Frank Appraisal independence requirements.
You know what REALLY encourages us? To constantly hear the refrain “Why isn’t there anyone to speak for appraisers?”
ANYONE else willing to volunteer your services for free, & initially, pay for the privilege of doing so (first year anyway)? Annual union dues are $375. One under-priced appraisal equivalent.
https://www.appraisersguild.org
Peter, I’ve been listening to “IF WE ONLY HAD SOMEONE (else)” to do things for us since 2014.
Old timers who helped me when I started fighting back have been doing so for decades longer than I have. Pat Turner out of Richmond; MANY others (including the Editor & lifeblood of this blog), SKapinetz in Georgia, Palacios in Texas, along with Brian Girard (TX & GA), Lori Noble (WV?), Mike Small (VaCAP) its a very long list with more people than even I know. People who tried ten years before me, and who never got the support they needed.
AGA has a hardship program for those who simply cannot comfortably afford full annual dues. We have to pay OUR upline union $72/year per member. None of the executive board members, or officers receive a salary.
Immediate needs are for a website editor (NOT a creator), just an editor. State representatives/organizers are always in demand.
In recent years, we were so focused on assisting falsely accused members with state and federal agencies that our political efforts took a back seat. Hundreds have been assisted well more than 400).
So, unless appraisers want to lose this organization too (like coalitions and other groups) they (you all) need to start getting involved!
American Guild of Appraisers, #44, OPEIU, AFL-CIO. Though I may be the only Republican Union Organizer in the country (willing to admit it anyway), we are actually largely non-partisan. Many members belong to opposing parties. We try to focus on the issues, though as a practical matter, when a partisan policy or practice like DEI undermines our profession, or we have a racist HUD Secretary who implemented programs so lucrative for NGOs that she resigned and went to go work for those same lobbyists and NGOs, a certain amount of partisanship creeps into MY statements and positions.
We operate in the political environments beyond our own creation. Sometimes its left. Sometimes its right.
Step up or pay up!
Support something that supports YOU
AGA or ARCC
Thanks Mike
66,715, make that 66,714 now, and dropping. I have closed my doors and retired today. Twenty one years in a business I have truly loved, as least up until the last year or so. I had hoped to appraise full time for another three or four years; but with all the changes going on in the industry now and what I see ahead for it, I see no reason to continue…the appraisal business that I loved is dead, at least to me. I used to look forward to a new order coming through, but now all I feel is dread when my email alert goes off. I think to myself; what’s wrong with this one and why did they send it to me instead of just appraisal wavering it. There is always a hook to the orders now, a hook being something you don’t see until it’s too late, like newly installed paid off solar panels, a garage conversion or a home that is in the middle of a gut rehab, all of which the lender knows about but fails to let you know before you accept the assignment. Those used to be orders you got now and then in my area, but now it seems they are all like that, and they seem to be getting worse and worse as each year passes by. As the computers algorithm gets better and better. We continue to shoot ourselves in the foot and this new form only continues down that path, feeding their computers more and more data until they no longer will need the typical residential appraiser. I am not down to helping the computer out in that task. The sad thing is, as I and other veterans like me retire, is the loss of knowledge that goes with us and not passed down to younger and newer appraisers. I will maintain a license as you never know what is around the corner. Perhaps a market crash in which Fannie loses it’s shirt again will bring in the politicians who will try to chase out the fox from the hen house once again and need the assistance of experienced appraisers, but I am no longer holding my breath for that moment to occur. I enjoyed my career greatly and I wish those that continue in it the best of luck going forward.
Amen to all of the above. I also left end of last year due to many of these issues after more than 30 years. Most impactful thing you said was that all of our experience will not pass onto the next generation! Let that sink in all you who think mentorship is not the way to go. Just put them through PAREA class and let them get Certified and out on their own without valuable on the job training! It will be a disaster. As you say only the complex horrible orders will make their way to Appraisers, but with all the experienced Appraisers gone good luck with that! I wish you well in your future next steps or retirement. I sure don’t miss it at all.
Brain drain. Institutional memory. The appraisal industry apparently has dealt with severe conflicts of interest, incompetent leadership, and co opted legislative structuring for decades. ‘Stake holders’ set everyone up to fail with their racketeering and restriction of trade policies. Their applied appraisal data via intellectual property theft and vain reliance on avm’s has already led to some pretty substantial market imbalances and artificial highs. Permanently over priced real property, for everyone, for ever. Avm’s will never successfully replace individual licensed appraisers. Not but a few years into the full speed avm program the thing is falling apart already.
The beatings will continue until morale improves.
Now we have the issue or concern about whether PAREA classes were part of the (alleged) test result falsifications AI is accused of engaging in.
The whole idea of PAREA was bad to begin with. IF test results are unreliable, then the whole program fails. Very unfair to those who spent money and thought they were being properly educated.
Thanks Mike!!
I’m 40 yrs in. I took over my father’s business.. second career. I’m semi-retired. I’m in New England covering a county or two in VT, NH, MA where the 3 states meet. I’m getting daily contacts from AMCs who can’t find anyone to appraise. Obviously FNMA will be able to justify using AI now. I talk with brokers when I’m doing an appraisal or at a board meeting. Most have no clue what FNMA is doing and are shocked.
Some have heard AMCs are not good but most haven’t.. so much for education with their realtor boards.
Many failures in everything. The quality of appraiser education in the pits. Education in general is in the pits.
The question is why. I love the FNMA comments.. saving the consumer money… seriously? Where…. a few hundred dollars??
Well, Just venting. I’m wondering whose going to do these appraisals. We’ve had a number of appraisers quit/ retire
Have not kept up with all the details, but many of the appraiser CE outlets were consolidated, and I think there is many amc tie ins to ownership and networked representatives now. Amc’s continue to decimate the appraisal industry and stifle growth in multiple ways.
We’re all waiting to see if FHFA provides necessary industry corrections, revitalizes the requirements for lenders to use full service appraisers more rather than less. And the CFPB should have been gone already, they are alive on a federal injunction lifeline, as the new administration ordered the shuttering of the institution. Meaning the DF Reg Z rule on mandatory Customary and Reasonable market rate fees ‘as if no amc is involved’ paid to appraisers may finally be in full effect soon.
Keep posting, read all the details, help us network. We’re all hanging on to see what happens next. Thanks.
Sue, maybe someone should give them the ASC website. Vermont is showing 2,249; NH 2,755 & Mass 3,112. I misread and included Maine as well 2,565. Now, not all are active, and it includes out of state reciprocals but the numbers suggest the AMCs really mean they haven’t bothered to look very hard.
When it comes to claims of specific state shortages, AMCs and lenders have been notorious liars, trying to get on the waiver-train. Any waiver granted for any license level also applies to ALL OTHER license levels too on a statewide basis.
I’m betting none of those claiming a shortage offer $1,000 for a non-complex sfr, right? $650? Unlikely.
FNMA has zero credibility for integrity or competency. Their operation appears to be little more than one large, ongoing fraud and deception. It starts with their failed Collateral Underwriter. (I’ve written about it here numerous times).
A system that they originally claimed would screen out high-risk collateral upon upload. One that WOULD’T be used to review or rate appraisers.
TWO GIANT LIES out of the gate.
The quality of their database hasn’t improved since January 2015.