Tuesday , 27 October 2020

A Heart-Shaped Box of Appraisers

Appraisers are like a box of (Valentine’s Day) chocolates.  The package may even be shaped like a big heart, but you never know what you get.  For instance, I hate coconut!  Those are the ones I stay away from.  Sometimes I may accidentally get one, but it gets spit out pretty darn quickly.  Now, those peanut butter, dark chocolate ones are a different story…. OH YEAH… BRING ‘EM!

This industry has such a variety of groups and people.  There are the appraisers, the reviewers, the AMC’s, the bank Chief Appraisers, Appraisal Managers, the appraisal industry organizations, the data companies, the insurance companies, and the software companies.  To protect the customer and make sure we color inside the lines, we have the regulatory agencies, the CFPB, the state boards, the AQB and the ASB.  I know there are roles other than those I’ve just listed, but what an eclectic group of people! Some are peanut butter chocolate, and some are coconut…and some are just nuts (pun intended)!

No one wants to have a big, heart-shaped box with just one, small candy inside.  So, we are all necessary to complete the box.  Some people actually like coconut, and some can’t have peanut butter. So, we are all needed in this industry.  If we weren’t needed, we wouldn’t be included in the box, but I’m glad we are all here.  Every day is different.  Every deal is different.  Every transaction varies, but we all work together in our own unique way, aiming for the same goal.  We’re all a part in making good loans to good customers, and ultimately make our own contribution to the economic success of the greatest country in the world.

So…Let’s not look at that box of Valentine’s Day Chocolates and complain about all the things inside that you don’t like.  Let’s look at all the goodies, and appreciate the fact that you can choose to allow someone else the opportunity to grab the nasty ones (they may not see them as nasty).   All of us here in this heart-shaped box are here for a reason.

Now pass me the Reese’s!

Have any comments or would you like to submit content of your own? Email comments@appraisalbuzz.com


About Crispin Bennett

Crispin Bennett
As Chief Operating Officer at Allterra Group Crispin is a seasoned and trusted leader in the valuation profession. His long time career within the industry has created a unique perspective based on his diverse background in Governance, Risk Management and Appraisal. A member of the CRN since the early 2000's, Crispin has served as Chief Appraiser for one of the largest AMCs in the nation, Chief Collateral Office for several large banks, and Chief Valuation Officer for Finance. Crispin has authored numerous articles and bulletins, and is a prominent instructor as well as a frequent contributor to industry groups, government agencies, and policymakers.

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  1. Avatar

    Crispin, appraisers are not like a box of chocolate! In a residential transaction where
    the lender selects the appraiser they know or should know exactly who they are
    hiring. When licensed, they will know the appraiser has met the state
    qualifications to call themselves an appraiser. They will know that a criminal
    background check has been performed. They will know by being active that the
    appraiser has completed all necessary continuing education classes. They can
    and should review state/federal sites for disciplinary action. They will check secret
    lender do not use lists (blacklist). They should review my resume. Call my references.
    By my license number they will now how long I have been an appraiser. They should ask for past reports to sample my work. They should call and speak to me directly to
    help establish my geographic competence. They should take my local expert
    knowledge seriously and accept complexity issues (higher fees) and understand
    the delays that often follow. Now Crispin, if the lender simply hires an AMC to
    select the cheapest and fastest appraiser, than all bets are off as to what you’re
    going to get.

    As it relates to your statement “We are ALL necessary to complete the box”, you’re absolutely wrong. The parasite AMC’s that steal 50% of the appraisers fees are not a requirement, nor are they necessary. Lenders have simply found a way to increase profits by shipping their previous responsibilities onto the AMC’s they hire, but they are paid in essence BY THE APPRAISER and not the company that hires them (THE LENDER).

    What “Same goal” do we have Crispin? Is the goal to suppress appraisal fees to 1980 instead of the current 1990 pay scale? Is the goal to increase the scope of work for the appraisers so that we can be lawyers, surveyor’s, or home inspectors? Is the goal to increase the delivery fees we now pay (Appraisalport, Global DMS, Mercury Network, etc.)? Is the goal to reduce the number of licensed appraisers to zero so that AVM’s can be used instead?

    Forgive me Crispin, but what you call “Complaining about all the things inside that you don’t like” I call fighting to save my industry from outside attempts to destroy it.

    Excuse me while I review the documents from last month where imortgage (an AMC) hired by Flagstar was fined $10,000 for not paying customary and reasonable fees as enforced by the state of LA.

  2. Avatar

    And AMCs are like a box of leeches, you always know what you are going to get. Bled dry

    Give me an unpredictable box of appraisers any day (even the ones who are nuts).

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