NAR Releases Appraisal Statement

Today, the National Association of Realtors (NAR) released a statement regarding appraisers and appraiser independence on their appraisal web page. In the statement, NAR expresses concerns about recent attempts to interfere with the appraisal process and the independence of the appraiser.

Over the last 18-36 months a host of rules, regulations, and laws have been announced to further protect appraiser independence yet appraisers continue to be pressured. NAR believes this pressure unnecessarily adds risk to the mortgage transaction for lenders and consumers. You can read the full statement here.

  1. Thumbs Up!

  2. The Dodd-Frank Act is the first legitimate attempt at protecting appraisers. No legislation is ever going to be perfect but it is at least a vehicle. I have actually noticed some lenders increasing their appraisal fees after it.

    AMC’s are the ones who feel the need to justify their existence with petty commands. Most of these, even the very largest supposedly most professional (and still indirectly owned by the lenders of course) have “QC’rs” up and running within a couple of days- they are then free to bark commands to appraisers who at minimum now have 4+ years invested in obtaining their license? makes sense to me?

    Fee’s: What else would you expect from the scumbag lenders who brought down the housing finance system? Of course they are going to have their interpretation and they are never going to want to pay a decent days wage. Why should they- with the Republicans hell bent on destroying the rights of workers wherever they can, we can expect nothing less from the big lenders who fund the Republicans!!

    I am mostly disgusted at the fact that some of these scumbag lenders are charging buyers $500. for an appraisal that they are paying an appraiser $175-$225. for! That is where the negative affect to a recovery is if anywhere: it is now way too expensive for an appraisal and the money is not going to appraisers to further their education- it is funding AMC office building and fat cat salaries. I simply cannot afford to run a legitimate business and keep up with the required CE for what 90% of the amc’s pay- they are collecting more per report than ever but it is not trickling-down.

    Take the AMC’s power to strip away our fees by using the VA schedule across the board for finance appraisals and limit the AMC’s fees to about $25. per report and you will fix the appraisal mess. Appraisers might actually care again.

    I advise anyone considering getting their appraisal license to do anything but waste their time on an occupation that our legislators are never going to stand up to the big banks for.

  3. Joyce Snyder

    We, must stand up for ourselves. If Appraisers will refuse “collectively” not to work for low fees, low fees will go by the wayside. Appraiser’s must demonstrate that this is a desirable & needed “Profession” and should be treated AND rewarded as such..Yes, my fees have decreased the amount of orders I receive but due to the quality of my work, I have loyal lender who continue to request orders and feel my work is worthy of the fee I charge. This decide has cost me financially, and (I’m my sole support), but I still feel it’s worth it.. And yes, I know, talk is cheap, but I believe this is the only solution for our profession..

  4. Retired Appraiser

    It appears that the loss of a few thousand more appraiser / realtor membership dues DOES mean something to the mighty NAR.

    If only they had the ears to listen to appraisers two years ago when they were sounding the alarm.

    Better late than never NAR. I can speak for several thousand appraisers out there who don’t miss paying your dues. There are far better paying career opportunities out there than appraising and sales. We’ve already found them sucker.

  5. JUST SAY NO! It really feels good….
    Are we yet tired of the rush phone call asking for a quote and turntime? Then after tentativley agreeing find out the subject is over a million bucks, or there is a 17 page requirments list and of course the 2 listings/pendings for free not mentioned when you quoted a fee.

  6. Charles Weaver

    Joyce, Fritz, Brett and retired appraiser, thank you for your input. It is surely bad times, and likely will not be better soon/ever. When the FEDS mandated appraiser licensing in 1990, I had a gnawing in my gut that it was more government control of free-enterprise business/industry, and it was perpetrated by the banks. They have always wanted to get into the Brokerage business (the NAR has stopped or slowed that), so it was essential they control the appraisal part of lending process. The people who really control the world economy do not care what form of government, how many people may die, etc., because they will control. I have been a REALTOR and an appraiser since 1972, and have witnessed the changes. A bank V. P. friend once told me after the Savings & Loan skullduggery his job was to increase the “net return of his bank”. That’s all you need to know folks. Those in control will develop a way to dole it out, and then pull the rug out – getting it back to do over again, and the taxpayers keep paying. We gave them billions Government licensing of us hard working taxpayers is simply control and tax. We should have declared a long time ago that licensing is unconstitutional. Perhaps we should unionize, because those seem to be the only people who have it goin’ on today. Maybe then we can collect our reasonable compensation, and retirement benies too. But, I don’t think this old Eagle Scout and capitalist would ever do that.

  7. Absolutely, saying NO to work for low fees and providing quality work is valued by lenders who are sensible enough to understand the situation. All professions are valuable and each professional should stand firm with their noble line of duty.

  8. I agree with Charles, standing as one would be a good thing especially during this time when times are really going worse instead of showing signs of getting better. Indeed, all appraisers need to unionize….