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OK Appraisers,
Research and analysis is what we do!
What does this FIRREA research say to you?
It is time we get together, and identify lenders who restrain trade and violate the FIRREA anti discrimination laws!
It is long overdue that we shut them down and pursue: Cease and Desist/prohibition orders!
It is also time to commence a class action suit for the thousands of appraisers damaged (financially), and for loss of past, present and future agency relationships through lenders steering said agents to their exclusive and closed appraisers list(s)!
I as a committee of 1 vote YES to all the above!
Commercial Appraisers: Can you visualize the format of a spreadsheet with 18 years of losses (1989 the creation of the FIRREA act), multiplied by (say) 20,000 or 30,000 appraisers +- % ? , x (X) jobs lost per month. (PV/FV) (All those formulas we were trained to do)! Can you do one, please? What is your final conclusion of our "estimated losses"? I'll bet it is the biggest number in your appraisal career. Yes, if the lenders have refused to accept your work, and that of several thousand others, the losses are staggering.
I (Craig Butterfield) still miss out on nearly a dozen commercial assignments every month, as lenders channel appraisal work, and direct the mortgage lenders to their approved appraiser. Sadly, appraiser Independence, and a free market does not presently exist, despite the n0n-discrimination FIRREA law.
This is another one of those "cash flow analysis" projections with reasonable extraordinary assumptions we so often do (which conservatively should amount to several billion dollars). (I know, I know how to do them, I'd bet that there are a lot of you out there who know how to just as well). Any other appraisers out there want to give it a whirl)? I'd like to see a few dozen cash flows from appraisers and then from a fine accounting firm who can represent us as an expert witness's, as a disinterested 3rd party for the class action damages suit.
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