We’re Still Assessing Info From SFGate…
BayAppraiser over at SFGate (the website mentioned in our last post) had this to add in the comments on the article “Appraisers Give Home Valuation Reform Low Marks”:
The appraisal industry is splitting into two camps. The highly competent and ethical, and the corner-cutting form fillers (who are currently in high demand by the big banks). Unfortunately the general public typically only sees the latter type of appraiser.
The banks have complete control of the appraisers they hire. The smaller lenders, in general, do an excellent job. However, many of the larger lenders have chosen to use the least competent appraisers to pad their bottom line. Short term profits over long term stability. If anyone thinks the welfare queen big banks have learned their lesson in the recent mortgage meltdown they are sadly mistaken. The big banks are acting far worse now than ever.
I would highly recommend that everyone reassess who they bank with. Reward the good lenders with your business!
I don’t think there is a more eloquent or articulate way to explain the current state of our industry.
Rumor has it that there will be a moratorium on HVCC this November. God willing it will be the end of it because it’s killing business for the appraisers who won’t knuckle under to the AMC monopolization of the industry. Looks like we just have to hang in a few more months and maybe the sun will break the horizon.
Ascot Appraisals is a real estate appraisal firm based in Bakersfield, California. We offer efficient, accurate, and honest home appraisal services in Bakersfield and Kern County.
