Comments on: Apppraisers Were in on the Scam Too – Don’t Let Them Fool You

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By: sheri

sheri — Thu, 08 Nov 2007 06:22:27 +0000

Hi! Lov eto see what you are doing for people. I am doing the same but on a much smaller scale. I have been able to help a dozen families keep their homes so far by beating these lenders and servicers at their own game.
It’s nice to see someone else out there that is truly trying to help and not use this to try to get rich by taking advantage of those in need. There is so much of that going on.

By: Fred

Fred — Tue, 06 Nov 2007 04:25:50 +0000

One last comment, I don’t know any appraiser that can do 4-5 appraisals per day. My average time per appraisal is 4 hours (includes drive time). I think your getting a little carried away trying to make your arguement.

By: Fred

Fred — Tue, 06 Nov 2007 04:02:18 +0000

I certainly never made the kind of money figures you are citing. Of course I never worked for the mortgage mills either. If you have knowledge of inflated appraisals then you should file a complaint with the state appraisal board and with the Appraisal Foundation, FDIC, Comptroller of the Currency, HUD, etc.

By: Paul

Paul — Tue, 06 Nov 2007 00:57:01 +0000

RE: "The simple fact is that if the appraiser doesn't play ball he won't eat."

For those appraisers who would use the above excuse... well, then by all means eat up... eat all the food you want...
but when you get food poisoning there is no one to blame but yourself and those who fed you.

- Paul

By: Moe

Moe — Mon, 05 Nov 2007 21:36:30 +0000

Appraiser were in on the scam. Plain and simple. Yes, many were ethical and honored their fiduciary duties as licensed appraisers. But many more did not. When I make a sweeping generalization, that is because I know exactly what went on and I have many, many, many friends and associates that have first hand knowledge (they are appraisers and AE's, brokers etc.) of what appraisers have done over the years and it wasn't ethical business practices to say the least. It was quite the opposite.

Again, not every appraiser should be classified in the category. As with brokers and agents etc.

The low man on the totem pole?

I disagree. Based on the numbers above and the volume, it was like fast food appraisals. $100-$150 an hour isn't too bad and definitely not what I would consider a low man on the totem pole. Yes, when you look at it on a per job basis yes. But your appraisals were what would make or break deals for the others that were in on the scam. Pushing values higher and higher. Causing the massive bubble we see now.

You bring up some great points and you seem like you were one of the ethical ones.

I also believe that they should be shielded form the lender and broker. That is a law that NEEDS to be passed.

I wholeheartedly agree with the fact that none of these laws were enforced and thus we are in WAY OVER our heads. Many heads will be placed on the chopping block and that will include appraisers, as we are seeing now.

Thanks for the comment.

By: Fred

Fred — Mon, 05 Nov 2007 20:22:31 +0000

I take great offense at your sweeping generalization that appraisers were in on the scam. I am an honest appraiser and can tell you that I have lost plenty of business because I wouldn’t play the game. The way the system is set up, if you don’t hit the number that the lender wants then you are blacklisted from getting any more business from the lender. For years the appraisers have urged the Feds to establish regulations to prohibit the lender from having any contact with the appraiser and that appraisal orders should be sent to a central registry which then assigns the appraisal to an appraiser who has enrolled with the registry. The Mortgage Bankers Association and all of the other real estate lobby have consistently opposed this because they knew that it would stop them from exerting pressure on the appraiser. After the savings and loan debacle 20 years ago, the Feds required appraiser to be licensed in the belief that would prevent appraisal fraud. The problem is that they still allowed the lender to choose whichever appraiser they wanted rather than isolating the appraiser from the lender. Now we see history repeating itself. Don’t blame the appraiser who is at the bottom of the totem pole. The simple fact is that if the appraiser doesn’t play ball he won’t eat. There are plenty of laws on the books that should prevent mortgage fraud. The problem is that they have not been enforced.

By: Moe

Moe — Mon, 05 Nov 2007 04:14:35 +0000

Yes, Transam, It’s fast yes, but stop leaking that oil in my driveway. I knew you’d like this. But hey it’s the truth.

By: Paul

Paul — Mon, 05 Nov 2007 01:57:50 +0000

HEY… let’s get something straight… it is not just a Pontiac Firebird… it is a 1995 convertible TRANSAM… though you’re right about having no A/C… plus one headlight that requires me to go under the hood to turn it on… and it leaks oil… but I really love that car.

- Paul
(And yes, paybacks coming for ya Moe)