Appraiser's Need to Take Action

There has been much discussion and debate about Appraisal Management Companies (AMCs) amongst the appraisal community, as well as the realtor community. Most are very unhappy with the turn of events since the Home Valuation Code of Conduct (HVCC) was put in place in 2009 by Andrew Cuomo. Lenders that sell off their loans to FannieMae or FreddieMac must go through a third party to hire an appraiser so that no impropriety takes place in predetermining the value of a home. AMCs have been around for a long time. I, myself, have worked with them for 15 years. Many have popped up since the HVCC was established. Because of the middle man, appraisers have had to work for lower fees, in some cases, lower than the cost to do business. Although the HVCC may disappear soon, AMCs will not. It is time appraisers take a stand. However, to do so, we need people in the position to fight this battle. Individual appraisers CAN AND SHOULD do something to help. We can join an organization that supports The Appraisal Foundation (TAF) giving them the support they need to work out the differences between AMCs and appraisers making a working relationship we can all live with.

When the HVCC first came out, realtors were up in arms because of the appraisers being sent from all over, not necessarily knowing their area. Work was dwindling and appraisers were trying to sustain a business and/or family. Realtors complained and the National Association of Realtors (NAR) fought on behalf of the realtors and have gotten a moratorium on the HVCC. Appraisers need this kind of fighting power and can only get it by joining an organization and letting them know what's important to each of us. I have only joined local organizations up till now. I am putting in a application to the American Society of Appraisers (ASA). It will cost me money each year, money that I don't necessarily have right now because of limited work. It is my hope that with each new membership, organizations will help increase our fees and workload making the annual dues worth every penny.

I ask each and every appraiser to join an organization that works for you. There are many out there. Check their chapters, education and benefits. Find one that makes it worthwhile. Instead of fighting amongst ourselves, finger pointing and name calling, we should band together and fight together. Hopefully, someone will hear us!