I would like to commend Don G. Campbell on his fine article pertaining to the licensing of real estate appraisers. It is hard to imagine that a profession that can have such a strong impact on the financial situation of this state is, for the most part, unregulated.
As the chief appraiser of a mortgage banking corporation, that will fund nearly $500 million in loans in 1986, I am reliant upon the fee appraiser to determine the market value of the property on which we will secure our loan. Our reputation in the industry is based upon the quality of the loans we deliver. The appraisal is an essential part of that quality.
Licensing would insure minimum education and experience levels and would create a regulatory board to force compliance with those minimum standards.
While licensing will not eliminate fraudulent appraisers, it will effectively eliminate marginal or incompetent appraisers, and will enhance the overall quality of the appraisals produced by the licensee. The final result will be a much healthier real estate market in the state of California.
JOHN N. HOOPES
Hoopes is vice president/chief appraiser for Glenfed Mortgage Corp.