South Platte said:

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The entire process is a total joke. I'm onboard with shuttering the entire industry and let the people involved with the transaction handle it.

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You mean like the people who are providing the money and backing for the loan?

Shuttering the industry isn't the answer either. The sub-prime lending crisis happened because there was little integrity to home values in the financing world. As with most knee jerk government regulations, they've gone too far in an attempt to correct that problem.

Now, understandably, appraisers are apt to value homes conservatively and are diligent in protecting their liability. There needs to be a more efficient way of addressing situations like mine. I don't know what that is, but as it stands now...you are at the mercy of the appraisers willingness to listen and make adjustments. I have no reason to believe my appraiser isn't good at what he does. I do have reason to believe he doesn't pay attention to details, and I'd say an appraiser with that characteristic should absolutely be off the job.

If you aren't looking at the details, then you have taken away every reason to use a human for this function.

cjsag94 said:

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Shuttering the industry isn't the answer either. The sub-prime lending crisis happened because there was little integrity to home values in the financing world. As with most knee jerk government regulations, they've gone too far in an attempt to correct that problem.

Now, understandably, appraisers are apt to value homes conservatively and are diligent in protecting their liability. There needs to be a more efficient way of addressing situations like mine. I don't know what that is, but as it stands now...you are at the mercy of the appraisers willingness to listen and make adjustments. I have no reason to believe my appraiser isn't good at what he does. I do have reason to believe he doesn't pay attention to details, and I'd say an appraiser with that characteristic should absolutely be off the job.

If you aren't looking at the details, then you have taken away every reason to use a human for this function.

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Based on your one data point, they should do away with human appraisers?

We do thousands of appraisals a year out of my office. On rare occasion we come in low on a deal. Most times folks renegotiate and work it out. Some refi's don't get the full amount they were looking for. Life goes on.

Not everyone is going to agree with our number, but if they have a legitimate beef, we take a second look and have multiple eyes check it out. I realize that not everyone does this, but to wipe out an entire industry because there is one lazy appraiser seems a little rash.

Shooter.. you are really defensive. Do you even realize I was actually defending human appears in my post? I will say, that's my beef with this appraisal, and what I hear from Realtors and mortgage folks whenever things don't go well. Appraisers are excessively defensive of their work.

I said IF your aren't paying attention to the details, you don't need the human touch. I didn't reference any data point.

All the reasons throughout this thread for human interaction vs computerized appraisals was the ability to pay attention to details and variances. I actually assume you'd agree with that.