Well now it's been a couple of weeks since the new appraisal guidelines kicked in, how's it working for you? If you are an independent mortgage broker, as I am, you must feel cut out of the loop. I just opened an email from one of my favorite lenders with a very threatening message stating that the current turn around time for appraisals was over 10 days and if I didn't get my appraisal order correct or my borrower didn't cooperate and missed the appointment time their loan would go back to the end of the line.
Realizing the entire appraisal situation is out of my hands because of the new RESPA guidelines I ask you how can I influence a situation when I am supposed to avoid any contact lest I taint the appraisal? Quite frankly I am sick of the government control over the housing industry. The very group that caused the entire collapse of the mortgage industry is now in total control. They have created another layer (voter category) that is going to dictate who gets the job because the appraisers have to be subscribers to the appraisal service that doles out the jobs . It has nothing to do with quality of work or integrity. The service will retain part of the appraisal fee so not only is the appraisal more costly to the borrower it has become more complicated. Isn't this another form of union? Seems to me if you aren't a part of the "group" you won't get a job. How many of these groups do you have to maintain a membership in to remain gainfully employed?
Well quite frankly in order for this industry to regain it's integrity we need to operate as separate entities who work together in order to complete a transaction for the parties involved (seller/buyer/lender). We should have no allegiance or expect anything other than payment for services rendered and we should not have to pay a fee in order to get a job. Licensing and continuing education are sufficient.
The free market dictates the person who delivers quality service or product will always be in demand.