Federal Deposit
Insurance Corporation

August 18, 2010

I am a retired residential appraiser. I had to quit the business as a result of the HVCC regulations. The HVCC effectively took away my client list, goodwill that I had established with over 25 years of service to various lenders. I specialized in a small exclusive market in a remote area, and was respected for my expertise. The area is now serviced by appraiser from outside the area thanks to AMC’s (appraisal mgmt. companies). The charge the borrower s more, receive a cut of the borrower’s fee, pay the appraiser less, and get lousy work from people who have no clue what the local market is (ask any realtor). As a result of a well-intentioned reform, fees are higher, quality is lower, and many if not most good appraisers have left the business. Education requirements are greater, liability is greater, fees are lower, turnaround times unrealistic (jobs go to the cheapest and fastest appraiser, ‘cause those AMC’s gotta make money. Anyway I don’t care anymore, I’ve let my licenses go. I have a degree in real estate and appraised for over 25 years, but alas it is all gone.

Good luck and fond adios,
John Cullen