When I was allowed to choose my own appraisers my purchase loans went so
smooth because I only dealt with professional appraisers who got the job
Now when I submit a loan the bank will choose the appraiser. Everything can
be going so smooth and suddenly the bank will say "we need this or that" from
the appraiser. This causes stress for the Realtors, the buyers, and the sellers.
The extra condition slows the transaction down and can jeopardize the sale.
I was fortunate because I worked with excellent appraisers and their
appraisals stuck without conditions and time delays.
This appraisal system has now been in place for 3 years or so. It still
does not work. It still costs the consumers additional money and it still causes
needless problems with the loan transaction. It has not solved any problem from
my point of view (a point of view of one who try's to help the consumer).
This is a government overreach -- a reach that is typical; costly,
unnecessary, and unproductive. I will go a further step - probably unethical the
way the system came into play.