We sat down with Ed Pinto of the American Enterprise Institute to talk about this upcoming webinar, The Devolution of Appraisal Theory and Process. This will be a three part series. We wanted to discuss it with him and find out why appraisers should attend. Find out what he had to say in this in depth interview.
Buzz: Thank you for taking the time to speak with us about your live webinar on the Devolution of Appraisal Theory and Process. Can you tell our readers a little bit about your history in the industry?
For anyone who has spent any time around the water cooler at any number of the continuing education classes or conventions of late, it seems the hot topic of discussion has been the out of date forms in use. Many of us may have to take a glance down to the corner of the page to realize the last time the forms were changed was in 2005 and before that it was in 1996. We’re coming up on the 10 year mark so we should all be expecting an overhaul of the forms soon, or at least we hope so...
Appraisers are wondering what all the fuss is over Third Party Oversight and what it means to them. Appraisers are just now beginning to feel the impact of the demands of fee panel management. I know this will date me but I do recall the days when it was a challenge to get placed on an approved appraiser list. The process was onerous. I likely didn't appreciate it much then but surely I reminisced about the good ole days after that process fell apart and the only vetting process involved inquiries as to my fees and turn times. Now we have come full circle.
In today's technologically forward era, every day there is less and less human interaction. Something as simple as going to the grocery store, you used to give the cashier money or a credit card. You might have even made small talk while you waited for your change or your credit card to go through and to sign off on the receipt once they handed it to you. You are lucky anymore to see someone say hello or acknowledge the cashier’s existence for a split second, then slide their card through the machine and look down at the machine to follow the prompts.
The proposed AMC Rules from the Agencies are out in draft form.
Coalitions, industry organizations, and groups of appraisers are examining these and other Rules.
There is discussion amongst appraiser groups and other industry participants like never before.
It’s a great time to make your voice heard and to hear what others have to say!
At The Appraisal Foundation, we often encounter misperceptions about the role of appraisals in the home buying process. From first time homebuyers to seasoned real estate professionals, there is often confusion about the purpose of an appraisal, how it is ordered and carried out, and what type of communication is allowed with appraisers. Dispelling these misunderstandings is critical to educating borrowers, lenders, real estate brokers, and homebuilders on the central role of appraisals in the mortgage process.
Too often we receive complaints from Buzz subscribers who say no one is standing up for appraisers in the battle over Customary & Reasonable Fees. Well, we are excited to tell you that someone has emerged who is trying to do something to combat unreasonable fees.
When you get a call and you see it’s the state’s real estate investigations department, for most of us I’m sure, it’s the last call you want to see coming in. Markets have made such large swings, rules and regulations have changed so much. It leaves even the best appraiser wondering which report will come back to bite us one day. So many states are understaffed and underfunded, it may take years to work through all of the complaints. With no one at the wheel, sadly there are complaints on the books with good appraiser’s right next to the bad ones.