Posted by Cochise on July 14, 2008 at 11:44:46:
In Reply to: Alan Hummel, SRA, MAI, Appraisal Institute, AI, Humpity Dump posted by Cochise on July 14, 2008 at 11:39:59:
okers
June 27th, 2007 • Related • Filed Under
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Filed Under: Appreciation • Real Estate Fraud
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“Hitting the Numbers” is all because of the evil mortgage brokers according to the spokesman for the Appraisal Institute Alan Hummel. Hummel speaking to a Senate subcommittee on mortgage abuse tried to deflect the huge amount of over-inflated appraisals back on the mortgage companies as if the appraisers have no responsibility for the unethical work.
To me this is bure baloney. Am I saying that the mortgage brokers do not put pressure on Appraisers to find the right dollar amount on a loan? I am sure they do.
However, the appraiser is also a professional who should guard their honor and reputation as their most important asset. The reality is that to make the numbers work is the easy way out for appraisers who substitute their reputation for money. It was a decision every one of them made.
And when you have to feed your family you may make that decision, I understand. But at the end of the day every appraisal that was fudged to hit the numbers lies squarely at the feet of the appraiser and his company. They decided that exchanging their ethics for revenue was the course of action and can blame no one else.
And they should bear the responsibility for their actions.
http://www.therealestatebloggers.com/2007/06/27/appraisal-institute-spokesman-alan-hummel-blames-inflated-appraisal-numbers-on-mortgage-brokers/