Comment Detail

Comment

Most appraisers don't feel the goal of, once again including yet another 3rd party to pay for a role in the process is feasible or productive. It is most appraisers opinion that including an AMC which took a large portion of profits and control from us had many negative impacts on our productivity and profitability. While it was promised that it was in the interest of the consumer and the lenders our needs were neglected in this decision. In fact the consumer ultimately ended up paying almost double the price it would have cost prior to the Frank-Dodd Act. Lenders became more frustrated with the process as they also loss control over the process in many ways. There has been a constant decline of new trainees entering the appraisal industry for this very reason as we have been very limited in controlling our own financial well being. We have seen our fees decline year over year with no motivation to train as there is no money left to pay trainees. Some appraisers are leaving the industry due to this fact. I also strongly believe that this opens the door for a great deal of fraud if it's left to the consumer and/or a 3rd party to tell us (the appraiser) what the condition of the property looks like. In my opinion and a large number of appraisers who has voiced their opinions over the years feels that the only way to fix this is to give control back to the appraisers and rid us of the AMC's or any other intrusive 3rd party, allow appraisers to make the money they deserve and then it will inevitably attract more people to this industry, thus improving the turn times and challenges with the mortgage industry.