Appraisers' Free Forum

FrankA wrote:Somebody please just shoot me………………..

I feel like that on a fairly regular basis when dealing with government regulation of the banking and real estate industries, Frank.

Mako wrote:So long Mr. & Mrs. Sweatshop! College degrees required Skippy! Trainee Limits - Short Cut Artists!

Things are really beginning to look up. Never thought I'd see the day.

Not to be argumentative, but it seems to me that in an environment where bonding and AMC's are used that it won't be the sweat shop that disappears from mortgage work, but rather the independent fee appraiser.

Not to be argumentative, but it seems to me that in an environment where bonding and AMC's are used that it won't be the sweat shop that disappears from mortgage work, but rather the independent fee appraiser.

I believe trainee limits & college requirements will eliminate the sweatshops. In fact my areas largest sweatshops during the late 90's & the early half of this decade are already a thing of the past.

I don't believe AMC's & more importantly AVM's can exist without appraisers, and sweatshops only served to corrupt AVM's data. I've always said, 'garbage in = garbage out.' If anything I believe AVM's will become more accurate in the current environment & going forward because, appraisers will NEED to be more accurate. I don't see any more reliable source than (ethical/accurate) appraisers for AVM's data.

The bond issue will work itself out IF it comes to pass. The cost WILL HAVE to be passed onto the client.

Not sure what is going to be bonded. Bonding ensures performance and there are only two things about performance by an appraiser that can be bonded......completion of an assignment, or guaranteeing results. The other type of bond would be a personal bond in that the appraiser is bonded so he doesn't steal from the homeowner. If an assignment is dropped, another appraiser is engaged, and I am not sure there would be damages resulting from it. Bonding for value would be a violation of the law, so it doesn't apply. That covers performance bonds. Security bonding seems to be irrelevant. What other sort of bonding would there be?

Goodpasture wrote:Not sure what is going to be bonded. Bonding ensures performance and there are only two things about performance by an appraiser that can be bonded......completion of an assignment, or guaranteeing results. The other type of bond would be a personal bond in that the appraiser is bonded so he doesn't steal from the homeowner. If an assignment is dropped, another appraiser is engaged, and I am not sure there would be damages resulting from it. Bonding for value would be a violation of the law, so it doesn't apply. That covers performance bonds. Security bonding seems to be irrelevant. What other sort of bonding would there be?

There isn't that I am aware of... that was my whole problem with the whole thing. If an appraiser can't accept an assignment for pre-determined value it sort of leaves the whole thing in limbo. It's a really good example of how little the big shots in Congress understand our profession.

Goodpasture wrote:Not sure what is going to be bonded. Bonding ensures performance and there are only two things about performance by an appraiser that can be bonded......completion of an assignment, or guaranteeing results. The other type of bond would be a personal bond in that the appraiser is bonded so he doesn't steal from the homeowner. If an assignment is dropped, another appraiser is engaged, and I am not sure there would be damages resulting from it. Bonding for value would be a violation of the law, so it doesn't apply. That covers performance bonds. Security bonding seems to be irrelevant. What other sort of bonding would there be?

Thank you Greg for agreeing with the intent of my post; much appreciated.