In This Episode
To say that there has been an enormous change in the real estate industry over the last few years is an understatement. Appraisers have taken most of the fall for the housing crisis, and continue to experience the effects of the fallout. Here are five critical issues that will continue to impact our industry if we don’t take a stand and fight back now.
In this episode, we cover:
● The growing shortage of appraisers and how automated valuation models (AVMs) threaten to eliminate the profession entirely.
● The AMC shift from appraiser independence to broader scopes of work for far less pay.
● How blacklists and the new Appraisal Quality Monitoring (AQM) system reinforce a “guilty until proven innocent” mentality toward appraisers.
● Why the artistry and subjectivity of appraising cannot be removed in favor of mathematical equations alone.
● The need for realtors, mortgage brokers and lenders to educate consumers on the role of appraisers and why appraisals are ordered.
Top takeaways for this episode:
1. AMCs were instituted to protect appraisers, and instead driving them out of the profession with tough turnaround times and lowball fees.
2. Appraisers placed on do not use lists should be notified immediately and granted an adequate and prompt appeal process.
3. Encourage your Congress representative to step in and demand that appraisers be treated fairly by lenders and AMCs.
Resources for this episode:
● Have you been blacklisted? Learn how FREA can help.
● Read our recent post on how appraisers are increasingly Shouldering the Weight of AMC Hidden Costs.
Now It’s Your Turn
What do you think will continue have a long-term negative impact on the appraisal industry if we don't take action now? Share your concerns in the comments section of this episode.
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About Cornerstone Report Radio with Brian Trotier
Cornerstone Report Radio was created for real estate professionals like you who want easy access to information when you’re out in the field. If you don’t have time to read a lot of articles and blog posts, these short, 10-minute episodes will give you the information you need to stay up to date on trends and issues that affect your work and your livelihood.