And that's why I started this article with a discussion about putting things in writing. Most AMC's are very honest, well-intentioned, and capable. Most have contractual obligations to their clients requiring them to act in a responsible manner. But, I know of no person in an AMC that is required to sign his or her individual name to the appraisal that is being relied upon to substantiate collateral for the loan.
If any of us think that "appraiser pressure" can't be suggested by anyone at any point in the process, we should just ask ourselves if we can spell potato(e)? The potato spelling exercise - another political speaking faux pas - was certainly not malicious, but can you imagine the pressure that the ten year old child felt? Good thing the ten year old didn't have to sign a certification saying that she had spelled potato(e) correctly. Good thing she hadn't spent thousands of dollars and thousands of hours obtaining a license, certification or designation to allow her to enter the spelling contest in the first place.
If we are going to make rules, let's make a rule that says that anyone who wants to make helpful suggestions on how to improve the quality of an appraisal has to sign his signature on a document that says what the suggestion is, why it was suggested, during what stage of the appraisal process it was inserted and whether it will influence the likelihood of the appraiser obtaining future assignments. Let's put that in writing.
Shaun Fitzgerald is president of Fitzgerald Appraisals, Easton, Mass.