Appraisal Problems and Solutions

Appraisal Problems | Guild Mortgage

The mortgage industry is facing an appraisal crisis. Although loan volume is just as high as it was in 2007, there are 22% fewer appraisers. The shortage of qualified appraisers is growing largely because of how difficult it is to get a license or certification. For a license, appraisers must complete 30 hours of college-level education, 75 hours of basic appraisal education and an apprenticeship. The same requirements apply to certification as well as a Bachelor’s degree. After certification, there are continuing education requirements. In addition, 3-4% of the appraiser population retires or turns in licenses each year. With fewer appraisers comes more demand. Current turn times are 5-6 weeks in Washington, Oregon and Colorado and 3-4 weeks elsewhere. How do we face the problem? Together. We’re tackling obstacles in teams. We’ve created a “Guild Panel” to work with our appraisal management company on appraiser assignments and rotations. We’re working with FNMA to better understand Property Inspection Waiver findings. We hope to see the appraisal industry keep current appraisers and entice new talent for the future.