Board Curbs Appraiser Requirements
April 2, 2018
Faced with labor shortages in the appraisal field, the Appraisal Foundation’s Appraiser Qualifications Board is easing the requirements to become an appraiser, including reducing the number of hours of college coursework and job training needed. The board, which establishes the minimum qualifications for appraisers in the U.S., has been reviewing its process for the past two years.
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The appraisal industry has been struggling to attract new workers, and many current appraisers are approaching retirement age, which could further tighten the workforce. Plus, “those who are in the field aren’t mentoring a lot of trainees due to the lack of compensation and benefit, along with lender restrictions,” HousingWire reports.
To attract more people to the industry, the Appraiser Qualifications Board updated its requirements on what it takes to become an appraiser. A licensed residential appraiser previously needed 30 hours of college-level education. Starting May 1, no college education will be required.
Also, a certified residential appraiser used to need a bachelor’s degree or higher. But the board is now providing prospective appraisers with six possible options, including an associate’s degree in one of the board’s required fields.
In January, the National Association of REALTORS® submitted a letter on the proposed changes to the appraiser qualification criteria, supporting the board’s move “to reduce unnecessary cost and time burdens on potential appraisers and ensure the continued entrance of new appraisers into the profession.”
“Appraisals are an integral part of the homebuying process, and ensuring there are well-trained, qualified appraisers to supply demand is key to a safe and healthy housing market,” NAR President Elizabeth Mendenhall wrote in the letter to the Appraiser Qualifications Board.
Source: “Appraisal Foundation Drastically Reduces Requirements to Become an Appraiser,” HousingWire (March 29, 2018) and The Appraisal Foundation
Updated: July 18, 2018