Two recent surveys of both AMC’s and Lenders reveal that both believe that appraiser competency and quality are the most pressing issues for our industry today. I know that a lot of appraisers would take offense at this, but it’s true. There are many great appraisers and good appraisers. But there are also a large number of appraisers that just do not want to enter into the 21st century and understand that the product they produce is completely read, from front to back. Todays’ appraisal must PROVE the value. The days of taking an appraiser’s word for it are gone. This means goodbye boilerplate and hello well-written explanations of reasoning and logic.
Part of this challenge lies in that most appraisers are independent and work with little to no oversight. This brings up one of the next pressing issues this survey revealed, improper mentoring and training. Many of the AMC’s, Chief Appraisers, and Lenders believed that this ranks close to the current short supply of appraisers as a concern.
Our industry has been gradually becoming more and more professional ever since 1981, but we still have some rough bumps in the road before we reach the top. Tell me what you think.