ValuFinders survey: Appraisers experience pressure from requestors MortgagePress.comValuFinders, valuation services, survey, Appraisal CONCEIRGE, Joe Williams
A large percent of appraisers are being asked to inflate home
values, and they fear losing repeat business, according to a survey
conducted by ValuFinders Inc., a provider of valuation services to
national lenders and government agencies, and developer of the
Web-based appraisal ordering system, Appraisal CONCEIRGE.
"Our findings show that almost all appraisers have experienced
some form of appraiser pressure," said Joe Williams, president/CEO
of ValuFinders. "This data is in concert to what we have heard from
appraisers and experienced as former appraisers. This ultimately
reiterates the importance of adding technology to the process to
better manage undue pressure."
Findings from the survey include:
• 91 percent stated that they were asked to inflate the
value of a home. This group has also known colleagues that have
been pressured to inflate the value of a home;
• 81 percent feared losing repeat business based on not
providing requested values. In fact, a few of the appraisers
surveyed expressed their concerns about losing business because
they did not provide the client a value before the client ordered
an appraisal;
• 52 percent felt that their workload would become easier
if the industry adopted technology to facilitate the appraisal
process; and
• 65 percent agreed that they were affected by the
pressure to overvalue homes.
According to one of the appraisers surveyed, "We've all been
pressured to inflate values and loan officers are often fishing for
value with their comp check requests."
The survey also found that there were some appraisers who were
not affected by the pressure. One appraiser in particular mentioned
that he takes an impartial approach when valuing a home, "I'm paid
to develop and report my own opinion," he said. "I don't have a
problem telling any client what I think a property is worth."
"With the changing legislative climate, originators need the
best technology available to remain competitive," Williams said.
"We want them to know that technology is available now and that
they just have to make business decisions that will incorporate
technology and successfully take them into the future."
For more information, visit www.valufinders.com.
