A trade group of home appraisers is digging into a federal rule it says has driven down the quality of home valuations, negatively affecting appraiser wages along with borrowers trying to get mortgages or refinances.
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The American Guild of Appraisers recently requested key documents from the Federal Reserve on regulations that dictate what is “customary and reasonable” pay for appraisers. The paperwork was requested by the group’s law firm, Garvey Schubert Barer, under the Freedom of Information Act, essentially a federal open-records law.
The trade organization says the compensation rules allow appraiser management companies, who are middlemen, to call the shots on how much appraisers get paid, leading to reduced wages for the same amount of work, or more, even though homeowners are paying the same, or sometimes more, for home appraisals.
Read more at: http://www.utsandiego.com/news/2012/jan/26/appraisers-say-feds-rule-has-hurt-their-pay-homeow/
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