Bringing More People Into a Dying Profession!
Appraisers, I’ve been studying, and writing about since 2006, all kind of issues surrounding our profession, and frankly some currently does not make sense.
As many know, ‘we’ have been accused of not having “enough black people” in appraiser ranks. The claim is that blacks only represent 3% or so of the total population of appraisers. The people engaged in blaming appraisers for bias and discrimination use this figure to ‘prove’ we are biased.
If that accusation is actually accurate (doubtful), do these same people throw spears at the pro sports teams, football and basketball especially, claiming that those sports don’t properly represent ‘white’ people. Heck no, they don’t.
Maybe, just maybe, folks in the black community have figured out that the prior and current state of affairs in appraising is not a viable profession to enter and work in.
PAREA is being touted as the savior and the best appropriate way to get new people into this profession, especially people of color. Really? Let’s see. The education providers currently writing the PAREA courses have been indicating that the course cost will be up to 5 figures, roughly $10,000 or possibly more. That’s an outlay of significant cash BEFORE actually connecting with an appraiser who will put the PAREA-educated appraiser to work.
How many of you reading this would be willing to spend 10+ grand, not knowing if or when that expenditure would actually result in getting a ‘seat at the table’ in appraising?
Then, oddly or perhaps tellingly, Jake Williamson, SVP, Single-Family Collateral Risk Management, Fannie Mae, has issued this super positive news (not) that they basically are shifting most appraisal assignments AWAY from actual live appraisers. Mr. Williamson stated this in an article in The MReport titled ‘The Science of Appraisals’:
Mr. Williamson also stated in the article
The basic question comes down to why would anyone of any color – chartreuse, pink, black, gray, dusty brown or white – want to get into a profession where the dominant player in mortgage purchases is basically saying ‘we’ are not important, and will be subjugated to the dust heap because “modeling and analytics” is more important than having an actual appraiser put eyeballs on the property?
Or stated another way, some people want to bring more people (primarily of color, which is great) into a dying profession. But the profession is being killed off by (mostly white!) people who think technology is the golden spoon to accurate valuations.
Like I said to start: doesn’t make sense to me.