Comments on: New appraisal rules may hurt homebuyers

By: Baron K

Baron K — Tue, 27 Jul 2010 03:22:41 +0000

Average escrow time has increased in duration. Average has been closer to 45 days. Seems the main hold up is the appraisals.

By: Stop Foreclosure

Stop Foreclosure — Tue, 27 Jul 2010 03:00:54 +0000

I am happy to have found your site. The information is right on and groovy. Keep up the good work and I will keep coming back to visit.

By: Concerned appraiser

Concerned appraiser — Wed, 24 Jun 2009 16:02:45 +0000

The AMC’s had local appraisers fill out days of paperwork to get on their lists. Why are they are not using local appraisers? They are using out of town appraisers that do not have access to MLS. MLS is crucial information in preparing an appraisal. This will only slow down the housing market even more. The customers think the appraisers are getting rich when they have actually taken a cut in pay. The HVCC is the worst thing that could have been created for the recession. It seems the Certified Appraisers are being punished. The AMC’s are using only licensed and less experienced appraisers just because they will cut their fees lower. Doesn’t anyone care about the quality of the report?? I believe this will finish destroying the housing market. It is also hurting the Certified Appraisers who have put in years and hours of education and experience. It is costing the consumer more money!
I hope someone will wakeup before this finishes destroying our housing market.
AMC’s have contacted me by phone. When I tell them I am certified, they say that if I am certified that I probably would not be willing to work for their reduced fees(50%). What does this tell you? Concern for quality or how much the AMC’s can make off of the deal???

By: ThemortgageReel Team

ThemortgageReel Team — Wed, 06 May 2009 20:25:31 +0000

Some updates on the first week of Appraisal Management, as assumed the turn times on appraisals are about 10 business days out which may not be that bad. Where the consumer is now suffering is the unknown of the final cost of the appraisal. Many lenders are requiring a range to be quoted, from $400 to $700 per appraisal. Several lenders now have not been able to schedule the appraisals because the appraisal companies or independent appraisers are not willing to fulfill the orders due to the lack in final income paid for the services. In all fairness the appraisal industry has had no increase in income for years. Related costs of title, escrow, underwriting, processing, etc. has all increased over time. However appraisal fee’s have not. And now with the Appraisal Management Companies being mandated this once again takes away from the appraisers income. Further increasing their work load is the new guideline that two current listings have to be included to render final value. This is on top of the normal 3 to 4 closed comparables.

All in all values have already have begun to come in less than market value, even from a conservative stand point. The question now stands is it because of the lack in pay equaling the lack in research. Regardless of the debate values that are deemed by the human factor will always have questions in the final determined value.

By: Baron K

Baron K — Thu, 23 Apr 2009 04:21:20 +0000

Perhaps silence is the best performance.

By: Baron K

Baron K — Thu, 23 Apr 2009 04:20:37 +0000

No genuine reform is possible until appraisers are enabled to create objective appraisals.

By: Baron K

Baron K — Thu, 23 Apr 2009 04:18:16 +0000

Pressure has been greatly increased on the appraisers due to implementation of HVCC. Don’t kid yourself, the AMCs are really agents of the lenders and some have been considered “goon-squads” for the lenders who diminish the appraisers ability to approach an assignment as a neutral party in the process. This is just a repeat of the 1990s reforms. The appraisers are the scapegoats, the banks are rewarded for their malfeasance and lenders are allowed to continue to order appraisal services from their subsidiaries. Notice that the term “conflict of interest” never enters the discussion.

No genuine reform is possible until appraisers are enabled to create objective appraisals.