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I N D U S T R Y I N S I G H T / K E R R I P A N C H U K
If the residential valuations industry was a football field,
many appraisers would tell you they're sitting on the
50-yard-line, with no book of plays, no running back
and a star quarterback who is on vacation.
Such is the nature of pessimism: It
spreads quickly. But, perhaps, appraisers
cannot help but feel 'in the trenches' when
a pervasive belief exists, suggesting that the
residential valuations industry is shifting
dramatically, and doing so without a solid
direction to head in.
You have American Banker magazine
writing in a headline that the "Appraiser
Shortage Could Gum Up the Works at
Mortgage Lenders."
en there is the writer/appraiser who
wrote on his own blog, an article called:
"Lone Wolves: Appraisers Fighting Everyone,
Including Appraisers"—A Civil War-inspired
theme apparently.
And my personal favorite—WorkingRE
Magazine's appraisal shortage headline, which
seems a bit like the title of a Nancy Drew
novel: "e Mystery of the Missing Appraiser."
AN INDUSTRY AT A CROSSROADS
Despite the slew of negative headlines,
signs of progress bubbled to the surface
over the summer months, with more
regulators and lawmakers actively paying
attention to the issue of there being too few
rookie appraisers. If the problem persists,
consumers and lenders will eventually find
themselves paying more for appraisals when
demand for valuations professionals outstrips
supply.
In August, U.S. Senators Mike Rounds
(R-S.D.) and John une (R-S.D) jumped
into the fray, sending a letter to e Appraisal
Foundation—the body that sets standards
for the industry—requesting the foundation
IN SEARCH OF
THE NEXT GENERATION
