Today – the media is on full alert for instance of mortgage fraud and many real estate professionals are looking over their shoulders and peeking into shadows to try to avoid any allegations of wrong doing.
This of course is good to help the public wake up, but any of use who have been around long enough to remember why President Carter was bad for the economy can appreciate that none of these so-called fraud schemes are new. Due diligence by a real estate professional has always been required. Appraisers who investigate the market, without bias, who report their analysis without an agenda, and who draw conclusions based upon the preponderance of market evidence have always been backbone of sound financial decisions.
The real concern should be who has taught the last several decades of people who market themselves as real estate appraisers. I can no longer count the number of people I have come across during my career who sincerely did not know that we appraise real estate, not real property. That we are to act in manner that is independent, impartial and objective, not as an advocate to any party of a transaction.
The attempt to regulate appraisers is not a bad idea, but the people that are in charge are not the answer.
I would be curious to know who among us, believe that the appraisal profession has improved since the implementation of USPAP and if any one believes that USPAP was radical new concept in the world of appraisal when it was released.