In This Episode
My guest today is Todd Stevens, an attorney with the San Diego based firm Keeney, Waite and Stevens. Todd works with appraisers on issues in E&O, licensing and blacklisting.
Today, we’re discussing issues related these blacklists and the potentially detrimental effects they can have on appraisal businesses. Recently, government sponsored enterprises (GSEs) implemented an Appraiser Quality Monitoring system, or AQM, in a widespread effort to flag problem loans and identify “questionable” appraisals. By putting their reports under greater scrutiny, the GSEs aim to weed out USPAP violators by implementing standardized measurements for appraisal comparison.
In this episode, we cover:
● The effect government-sponsored “do not use” lists / blacklists will have on appraisers across the country.
● Where the data for the new uniform appraisal database comes from.
● The widespread impact on appraiser livelihood these lists have, as presence on one blacklist can lead to presence on others.
● How you should respond if you receive notification that you’ve been added to a watchlist.
● What the appeal process is like for appraisers who have been blacklisted.
● Why the rules and regulations that evaluate the competency and quality of the work of appraisers should be of concern to other real estate professions.
● Why should realize the widespread impact of blacklisting and organize their resources to effect change.
● How organizations like FREA are stepping up and helping to fight back.
Top takeaways for this episode:
1. Blacklisting may target appraisers, but it affects the livelihood of all real estate professionals.
2. Responding immediately to a blacklisting situation is the best course of action for reversing an ineligible status.
3. Getting organized and educating appraisers will give the community a greater, more unified voice for fighting back against this issue.
Resources for this episode:
● Contact Todd Stevens to ask about your specific concerns.
● Visit the FREA forum to share stories and exchange experiences with other appraisers.
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About Cornerstone Report Radio with Brian Trotier
Cornerstone Report Radio was created for real estate professionals like you who want easy access to information when you’re out in the field. If you don’t have time to read a lot of articles and blog posts, these short, 10-minute episodes will give you the information you need to stay up to date on trends and issues that affect your work and your livelihood.