A large number of licensed and certified real estate appraisers in the United States are seeking your assistance in solving a problem they face on a daily basis. Lenders (meaning any and all of the following: banks, savings and loans, mortgage brokers, credit unions and loan officers in general; not to mention real estate agents) have individuals within their ranks, who, as a normal course of business, apply pressure in order to hit or exceed a predetermined value.
This pressure comes in many forms and includes the following: *the withholding of business if one refuses to inflate values, *the withholding of business if one refuses to guarantee a predetermined value, *the withholding of business if one refuses to ignore deficiencies in the property, *refusing to pay for an appraisal that does not give them what they want, *blacklisting honest appraisers in order to use “rubber stamp” appraisers, etc.
Appraisers request that action be taken to hold the lenders responsible for this type of violation and provide for a penalty on any person or business who engages in the practice of pressuring appraisers to do dishonest appraisals that do not provide for independent judgment.
There’s well over 10,000 signatures at http://appraiserspetition.com/
***Some of the comments you’ll find there;
“I get emails everyday that say, “I need a value of $X, to order an appraisal”.
“We need to boycott all appraisal management agencies taking 1/2 or more of our fees and none of our liability”.
“Honest Appraisers get no work. I have had friends in the mortgage business who quit giving me work… didn’t hit ‘their’ value”.
“Consumers Wake Up! Appraisal Management Co’s are charging up to $550 appraiser’s only get half”.
“Make lenders assign orders from a ‘pool’ of appraisers similar to the VA”.
“Commissioned transaction participants can not continue to order appraisals or only crooked appraisers will receive work”.
“I am tired of losing business and clients because I am honest on my appraisal reports”.
“We need protection from blacklisting by AMC’S”.
“In the last week we were hung up by 2 different lenders on the same day because we refused to guarantee a certain value”.
“Strong-arm tactics are not only illegal and morally bankrupt, but hurt EVERYONE in the long run – witness the sub-prime mess”!
“Banks resell their loans so they do not care if it ends up in default”.