>Just how long do you think an appraiser will last if they consistently aren't appraising high enough? Well seeing as the banks don't get to always choose...lo

>Just how long do you think an appraiser will last if they consistently aren't appraising high enough? Well seeing as the banks don't get to always choose...long enough to remain solvent. You are coming at this with a conspiracy misconception and that is not how the industry works at all. There is not guiding hand incentivizing "only good appraisals." It's 100% autonomous. Do appraisers know how to game the system? Absolutely. Do they? Well if their comps are in the $100k range and the borrower thinks the house is $150k, an appraiser is not gonna risk their license because some schmuck thinks they're entitled to another $50k in equity. It. Doesn't. Happen. >They all work for the same company, they all know each other. No they don't. Most appraisers are independent contractors or work for a specific appraisal company. Of which there are a lot. Competition is extraordinarily healthy in the industry. In commercial, we had like seven we'd use for quotes consistently. >And if they are using a neutral 3rd party to select appraisers, just who is selecting this neutral 3rd party? The bank of course. Part of post 2008 rules say the bank can't pick them for residential mortgages. That is why it goes through an independent company as I stated before so the bank can wash their hands of bias. But the "bank" does not choose. The processors submit an appraisal request. That's it. No deciding who and the lenders don't say who they want. If anything, the lenders just want someone to do it quick. >I suppose you also think that "3rd party" arbitrators selected and paid for by one of the parties to the issue being arbitrated is also unbiased? I'd say it's more unbiased than what existed previously. >As for racial bias, unconscious bias needs no incentive one way or another. You need a cultural shift to fix that which is beyond the banks expertise. I'm kind of getting annoyed how ignorant you are of the situation yet still actively looing for a way to dispute this. This is the system and the biases that you are fabricating just aren't there. If they are, they're so minimal; few and far between, that you're assuming the banks are run by some Bilderberg group trying to ensure some fraction of racial bias in one industry that fucks over thousands of people everyday who can't say they got screwed because of a racial bias.