Nationwide Appraiser Count vs. Fake News
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- Visualizing Market Activity Using Graphs & Trendlines - November 18, 2022
- Diatribes Against Appraisers - October 31, 2022
12 Year Trend: Active Appraiser Credentials…
We often hear about the ‘shortage’ of appraisers in the US. This is fake news promulgated by a number of AMC’s who cannot find enough appraisers to do their assignments – largely because the AMC won’t pay the appraiser an appropriate fee for service, or other issues.
John Brenan, Director of Appraisal Issues for The Appraisal Foundation, gave a presentation at the Washington State association of appraisers conference on Aug. 16. He showed this slide during his presentation:
Note that these are CREDENTIALS… the licenses granted by the individual states, which are then reported to TAF and placed on the ASC Appraisal Registry web site. The stats do not reflect INDIVIDUAL appraisers, because some of those folks have MULTIPLE credentials.
But the facts really show that the number of INDIVIDUAL appraisers would correlate with the number of Credentials. In other words, the number of Certified appraisers has increased, while the Licensed category has declined. That was primarily caused by FHA deciding a few years ago not to use Licensed category appraisers for FHA assignments, even though many of them had been doing appropriate reports for FHA for many years prior. Some Licensed appraisers have earned the Certification status, but not as many as who decided to end their work appraising.
In the US, there are presently approximately 75,000 to 80,000 INDIVIDUAL appraisers.
The bottom line is there is NO current shortage of appraisers. There are reluctant currently licensed appraisers who choose not to work for certain clients who treat them poorly. Clients with that business plan whine loudly. The fix is pretty simple, but many lenders don’t want to make things right. There are appraisers who choose not to work in extreme rural areas. Those who do have extended report delivery times, which many clients don’t like… so they whine some more… and ask for appraisal waivers.