Number of Applications Tell a Story
Applications plummeted another 74%
Recently the AQB held a public hearing in Washington DC regarding Alternative Experience Requirements and what to do about the anemic number of appraisers nationwide.
I read their concept paper when it came out and I’ve read the testimony of those who submitted ideas. I didn’t attend and I didn’t offer up any written solutions.
Back in 2005, I remember when everyone was so fired up about finally raising the bar, insomuch as formal education was concerned. They were going to make appraisers in the image of CPAs and lawyers. Four year degrees would be the new benchmark.
The first seismic shift started in 2008. Remember?
New Criteria. New national exams. In 2015 they pressed on with nothing short of a Bachelor’s degree in…something.
The chart below is a snapshot of what has become of “trainees” in Illinois.
That’s right. In the halcyon days of 2005 we had 1,231 new applications. In 2007 it dropped 48% to 637 applications. When the Criteria changed in 2008, applications in Illinois plummeted another 74% to 165. This year, with only one month left, we’re at 55. If we hit 60 by year’s end I’ll be amazed.
New applications do NOT automatically translate into licensees. These are just the people interested enough to fill out an application and pay a fee. Half can’t seem to pass the trainee exam.
Look at the dotted trend line. It’s startling.
From now on, five applications per month, on average, is the new normal.
Is this what the AQB had in mind a decade ago? Probably not. But this is what we have.
I offered no suggestions or ideas. It goes back to that old Johnny Mathis song, Too Much, Too Little, Too Late.
By Brian Weaver, Coordinator Editor of IllinoisAppraiser, Appraisal Management Company Coordinator for the Illinois Department of Financial and Professional Regulation (IDFPR) – Illinois Appraiser Newsletters – Volume 8, Issue 5 – December 2015