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I recognized the name on my client's appraisal report!

By Sheila Goulart Siegel

Mortgage and Lending with Synergy Financial Group, Inc.

June 14, 2011 05:29 AM

This is the FIRST time since HVCC was implemented that I have known the "local" appraiser completing my client's appraisal report! I have been doing this for 20 years. That is saying something!! I know a lot of appraisers and only so many are local.

I was really disappointed to see that the appraiser made $200 and the third party management company (managing what?! I know there is more but seriously... mostly a phone list?!) made $165!

I hear the management companies are now hiring staff appraisers for a few thousand dollars a month to save them (make them more) money. It sure would have been nice if the risk management savings had been passed on to the people doing the work and to the clients?!

I do believe we have made improvements to the way we do business but things have gotten way out of control. Maybe we are not there yet but at some point the discussion needs to begin again on how to reign in the oversight, increase incomes and pass cost savings on to the consumers...

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Robert Rauf

CMG Home Loans - Toms River, NJ

Over regulated For sure! HVCC has only reduced service levels, raised the price to consumers and took money out of the appraiser's pockets. If appraisers were a problem they should have been fined, or had their licenses taken away. That would fix the problem quickly!

I miss being able to call my appraiser and ask: Can you drive by this house, I'm not sure of the value... or "are they nuts or is it really worth that much?" The professional relationship is gone, and it hurts us all... Except for the middleman that now has a job as a firewall between us and our old friends.

Jun 14, 2011 05:34 AM

Dick Greenberg

New Paradigm Partners LLC - Fort Collins, CO

Northern Colorado Residential Real Estate

Hi Sheila - One of the bad consequences of HVCC is that a lot of appraisers are now doing appraisals in markets they are not familiar with, which results in more uncomparable comaprables and just plain bad appaisals. Add appraiser paranoia to that (a bunch of appraisers have gone to jail in Colorado - they were targeted after the bubble bust) and now appraisals have replaced inspections as our greatest cause of anxiety in getting a transaction to close.

Jun 14, 2011 05:40 AM

Sheila Goulart Siegel

Synergy Financial Group, Inc. - Mission Viejo, CA

Hi Vickie. It sure is a big pay reduction!

Hi there Robert. What a great solution - to monitor and reprimand the source of the problem... novel really. :)

Hi Dick. I see all kinds of issues with out of area appraisers... It is crazy that we know the market better than the appraiser and still have to be worried about a deal working or not...

Jun 14, 2011 06:39 AM

Sheila, Crazy isnt it? Police the offender and you will see how fast the industry polices itself! But nope, Create HVCC to screw things up instead, and then change RESPA to make lenders the police of everything... Such fun these days in our world of over disclosure :)

Jun 15, 2011 04:43 AM

Linda K. Mayer

License # 01767321 - La Verne, CA

Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

Sheila, I totally agree. At my office we also have an appraisers office (which does outside appraisals, not the ones for our company.) My owners believe that the appraisers are doing most of the work, so they pay $300 per SFR. NOT the typical appraisal company!

Jun 15, 2011 05:52 AM

So true Robert.... I just had to schedule (and pay for of course) my second office inspection in a week with the SAME company but for a different vendor of course. Insane oversight, overgoverning, over everything... The lack of efficiency makes me nuts but I suppose it creates JOBS... :) How nice.

Hi Linda. No that is NOT the norm at all these days. It is refreshing to hear. :) How nice to have them on site too. It is always good to have a resource, even if they cannot complete the report. Just have to make that call on when to draw the line and not take advantage of having such a service I suppose!!

Jun 15, 2011 10:02 AM

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Sheila Goulart Siegel

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