11th May 2012

Appraiser Blacklisting

Editor’s Note: Suspension Merry-Go-Round is reprinted from Working RE’s current print edition (click cover image at top left to access). Since the story published in February, Working RE has run two updates on blacklisting, Lender’s Choice: Violate USPAP or Blacklisted and Fighting Your Way Off a Blacklist. As you will read here, some relief is available thanks to AMC regulation passed in the state of California. AMC legislation is also working in other states guarantying timely payment to appraisers, prohibiting indemnification clauses and bolstering appraiser independence. Strong AMC legislation at the state level is in the best interests of every appraiser. As we learn in the three part webinar series Maintain Independence, Limit Liability, and Fight Influence, presented by Richard Hagar, SRA, many maladies appraisers suffer from these days are prohibited by state and/or federal regulation, including blacklisting without cause, lower than customary and reasonable fees and attempts to exert undue influence on an appraiser’s work product. About attempts to influence appraisers Hagar says, “Lenders and AMCs have two options, review the work and A) Accept it and fund the loan or B) Reject it based on a USPAP compliant review. Once rejected they must turn bad appraisers into the authorities and stop using that appraiser. But do not try to influence or instruct the appraiser. The ‘old’ banking ways are dead. Banks and appraisers better become educated on the change and FAST.”

Suspension Merry-Go-Round

By David Brauner, Editor

…continue reading the rest of this post: Appraiser Blacklisting

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