The Appraisal Profession’s Perfect Storm: A Veteran’s Take on a Dying Craft
I’ve been an appraiser since 1993, back when fax machines were cutting-edge and the internet was a clunky novelty. Over three decades, I’ve seen this profession weather storms — economic crashes, regulatory overhauls, you name it. But what’s happening now? It’s not a storm; it’s a tsunami. Our industry is hemorrhaging talent, drowning under false accusations, and getting squeezed by corporate greed and bureaucratic overreach. As someone who’s stubbornly refused to bend the knee to Appraisal Management Companies (AMCs), I’m here to lay it all bare — the numbers, the betrayals, and the sneaky maneuvers threatening to bury us. Buckle up; this is an opinion piece from the front lines, and I’m not holding back.
Let’s start with the cold, hard truth: we’re a shrinking breed. According to Chase Pursley’s 2025 Appraisal Subcommittee (ASC) data analysis, only 66,715 unique active appraisers hold 91,290 licenses across the U.S. Compare that to March 3, 2010, when AppraiserForum pegged the ASC count at 114,640 licenses — a 20% plunge in 15 years. Rewind to the early 2000s, when we topped 120,000, and it’s clear we’re in freefall. The kicker? Only 27.8% of today’s appraisers boast over 20 years of experience, while 35.2% are greenhorns, still learning the ropes. Veterans are bailing, and newbies aren’t rushing to join this perfect storm. Forums, blogs, and social media are littered with tales of appraisers retiring early or jumping ship, and who can blame them in this perfect storm?
The last few years have been a masterclass in how to alienate an entire profession. Take the Biden administration’s push, amplified by legacy media, to paint appraisers as racists. The National Fair Housing Alliance (NFHA), flush with millions in federal cash, ran misleading ads that vilified us, sowing mistrust without a shred of courtroom-proof guilt. Not one appraiser has been convicted of bias, yet the accusations flew. Some, like Shane Lanham, are hitting back with defamation lawsuits, but the damage is done. HUD piled on, targeting small-time appraisers with what feels like a harassment campaign — there were even whispers of using convicted felons for “discrimination testing.” Meanwhile, censorship reared its ugly head, with federal officials and GSEs like Fannie Mae and Freddie Mac allegedly muzzling appraisers who dared report honest valuations. It’s no wonder so many are saying, “I’m out,” as one appraiser vented on AppraisersBlogs, calling the profession a “nightmare.”
Then there’s the AMC racket, a parasitic middleman scheme that’s not only bled appraisers dry but also siphoned a staggering $12 billion from homebuyers, as the Appraisal Regulation Compliance Council (ARCC) uncovered. I’ve written about their lack of fee transparency — a polite way of saying they’re skimming our earnings while appraisers scrape by. Another appraiser laid it out on AppraisersBlogs, detailing how AMCs hide profits through deceptive billing, paying appraisers a fraction of what consumers fork over. I’ve never worked for an AMC, and I never will. Why should I let some desk jokey siphon half my fee for “managing” my work? It’s exploitation, plain and simple, and it’s driving appraisers to the exits. The less we earn, the less appealing this gig becomes, especially for new blood who see the math and run the other way.
Fannie Mae, ever the innovator in sticking it to appraisers, is at it again with their shiny new Uniform Appraisal Dataset (UAD) 3.6 form, slated for late 2025 or early 2026. This beast demands a mountain of extra data — think individual component depreciation levels and hundreds of new data points. Inspections will now take significantly longer, all for the same pay. It’s like asking a chef to cook a five-course meal with a toothpick. And who’s cheering? The unlicensed property data collectors, who’ll be tasked with gathering this avalanche of info for a measly $20 a pop? Good luck with that. This isn’t just busywork; it’s a calculated move. Those extra data points are likely fodder for Fannie Mae’s Collateral Underwriter and automated valuation models, feeding their dream of an appraiser-free future. Why hire us when a computer can spit out a number? Never mind that those models often miss the nuance only a seasoned appraiser can catch.
Speaking of cutting us out, appraisal waivers are another nail in the coffin. The Federal Housing Finance Agency has expanded these, letting loans with sky-high loan-to-value ratios skip traditional appraisals. Then there’s the rise of unlicensed data collectors — some with rap sheets, like the convicted felon hired as a “property data collector,” as AppraisersBlogs exposed. Fannie Mae’s also pushing hybrid appraisals and desktop reviews, often handled by folks with barely any field experience. One GSE executive even bragged about slashing appraiser numbers. It’s not hard to see the endgame: replace us with cheaper, less qualified alternatives, consequences be damned.
The irony is rich. Appraisers are the backbone of a stable real estate market, ensuring valuations are accurate and trustworthy. Yet we’re treated like punching bags — slandered, underpaid, and buried in red tape. The new UAD form, the AMC fee gouging, the waivers, the censorship, the false bias claims — it’s death by a thousand cuts. No wonder so few are joining the ranks. The training is grueling, the pay’s abysmal at the start, and now you get to dodge lawsuits and navigate a form that feels like it was designed by a sadist. Who’d sign up for that?
I’m still here, though, because I believe in the craft. There’s something noble about walking a property, piecing together its story, and delivering a number you can stand behind. But the powers that be seem hell-bent on making that impossible. The NFHA’s funding may have dried up under Trump, but the scars remain. The push for automation and deregulation isn’t slowing down. And those AMCs? They’re still laughing all the way to the bank. If we don’t start valuing appraisers — our expertise, our objectivity, our grit — this profession won’t just shrink; it’ll vanish. And when it does, don’t be surprised when the housing market feels the the full force of this perfect storm.
Nailed it. I’ve been grinding since 2001 — back when you could actually make a living, do solid work, and not get second-guessed by someone with zero field experience sitting behind a desk. Fast forward to now? It’s like watching the profession get gutted in slow motion.
This isn’t just reform — it’s a hostile takeover. Between the AMC parasites skimming half our fees, the endless gaslighting from GSEs, and the weaponized bias accusations, it’s death by a thousand cuts. The new UAD form? That’s just Fannie’s love letter to automation. More data, more time, more liability — same pay. And now they want felons with iPads doing property data collection? You can’t make this up.
The racism narrative? No convictions. No courtroom proof. Just media noise and bureaucrats hungry for a headline. Meanwhile, seasoned professionals like us get muzzled, second-guessed, and hung out to dry while AMCs and data collectors laugh all the way to the bank.
I’ve never bent the knee to an AMC and never will. This profession used to mean something. Now it feels like we’re just placeholders until the bots finish training. The kicker? Nobody’s lining up to replace us. And why would they? You start out broke, overworked, under attack, and you get to shoulder the liability for other people’s mistakes. Sounds like a dream, right?
But I’m still here. Not because it makes sense anymore — but because I care about doing the job right. That used to count for something. Now, it just gets in the way of someone else’s bottom line.
If we don’t start pushing back — loud and unapologetically — this profession won’t fade. It’ll be erased.
I could not have said it better myself!
Hail yes!!!
But never stop fighting!
Go AARC!!!
Also pay attention to HB 1081
In Oklahoma!
https://legiscan.com/OK/text/HB1081/2025
Look at that. Pretty great.
Sure beats the anti appraiser bill CO legislators just pushed. One of the appraiser member groups even severed it’s alliance with the other over this nonsense.
https://leg.colorado.gov/bills/sb25-035
More like a 50% reduction in the number of appraisers.
Kathy Hubbard Bright, agreed. More than 50% in my state. Some of it was desperately needed, but certainly many good Appraisers were pushed to the breaking point and simply left. The crazy amount of pressure and stress, stupidly low fees, scope creep, highly unrealistic lender and regulatory demands, and being treated as if we are lower than the worst humans to have ever lived has been tough to endure. After 28 years, I thought I was pretty mentally tough, but I’m seriously considering bailing out myself. I don’t need this shit from uneducated idiots at AMC’s and regulators with zero actual experience or understanding of these crazy rules they continue to push and how they actually react love n the real world.
Down to part time and sometimes work myself. The hardest part is realizing it’s not our fault and we didn’t fail at our jobs.
Kathy Hubbard Bright , wow. You know, that actually hits pretty hard. I never really stopped to consider that as a conscious thought. I suppose I instinctively knew that, I think anyone who is on the front lines in this messed up industry probably instinctively knows that, but never really stops to think about it. But yes, that is correct. We have toiled away, often at 70-90 hrs or more a week, sacrificing our souls, our family, our everything as if we are nothing but machines for these useless AMC’s and lenders, but the reality is that we dealing with the results of over educated and utterly out of touch people at much higher levels who continue to make useless, and nearly always, time consuming rules that take more and more of our time each year, with no actual meaningful impact on the actual point of our profession, that is, an accurate value. It seems that the value is the last thing on any AMC’s, lender, GSE, or regulatory person’s mind. It is more about worshiping a process and check-box styled system. No one seems to care for even 2 seconds as to whether or not these endless demands on the Appraiser actually result in any meaningful step forward in terms of getting a more supported and accurate value, but instead it is always….did we follow some utterly useless rule that has no positive impact on either concern? And worse yet, we have literally no one who has an ounce of power to advocate for us or our profession. We have been boxed into a corner in every possible way to be nothing more than fodder for the meat grinder that is the mortgage lending industry (at least that is the space that nearly all of us live and try to survive each day, not enough work from other sources for most of us to scratch out a decent living). I can’t think of another industry that is vital to a healthy culture and economy, in which that profession has absolutely no ability to affect its own day-to-day culture. It is beyond sad.
Kathy Hubbard Bright probably at least a 50% reduction in the number of APPRAISALS as well.
In this industry, if one wants to be in service to the American consumer, protect due process and property rights. You’re not allowed to as a mortgage lending appraiser. You play ball or get blacklisted. Another round of refried refi’s with a rate drop is not going to save anyone, will only make things worse, as the avm final rule, hybrid allowance, parea and pdc programs assure the pro’s will not be receiving much of that either. It’s all one big cover to mask the outright fraud and incompetency which led to the necessary offloading of risk to crt’s and the wholesale loan program which allowed people whom would otherwise have defaulted to stay with artificially low adjusted terms nobody else in the market is able to access. Permanently locked in over valuation and sky high housing prices for everyone. For ever.
Retirement ain’t going to save anyone, and neither will ignoring the issue and moving out of GSE lending work. You’re going to pay those higher taxes and higher insurance fees, lose home mobility, and will be locked into a debt trap for the rest of your natural life, along with every other citizen whom needs mortgage lending services. Guaranteed. ‘Appraisal modernization’.
Chris Jackson based in the numbers I’m down 39% form last year at the same time. Thinking and looking for side gig soon. But,,,Too old for giggalo, too moral for pimp, time to think outside the box and get r dun.
“Only” 66,715 and yet it seems work is slower and fees in terms of real dollars are lower than ever.
Mike Chavez Jr. and look at the increases in amc’s still popping up, but the retraction of them makes it seem as they are decreasing, they are just getting gobbled up by larger monopolies.
Well done !
Excellent article.
Spot on. Best to leave the mortgage-related work in the rearview mirror and get creative…. Eminent domain (yes, even for land and residential), tax valuation appeals, employee relocation, and other client sources. Don’t get stuck, move on – there is life after mortgage-related appraisals.
Great post, Desiree. I will point out that the experience levels I crunched are probably way off due to a reset of many appraisers first-licensed date. 35.2% newly licensed appraisers in the past 5 years seems wildly optimistic, especially considering a portion of that was during Covid times. That number is likely much lower according to Appraisal Foundations surveys and stats.
It’s actually still shocking how bad the data quality is (largely due to inconsistencies with states), but also due to old-fashioned incompetency and politics. Getting an accurate count of appraiser licensing data is actually a relatively easy thing to rectify from a technical perspective (basically, implement a unique ID system) but the current status of the ASC seems to be in limbo at the moment…
Many folks have contacted me in response to my findings and have helped fill me in on some missing backstory, tidbits and other details. So don’t hesitate to reach out if you have some interesting insights or details: https://www.jobsinappraisal.com/contact-us
Desiree- you hit the nail on the head. The onslaught is real. I’m wondering if 26 years of appraisal experience is worth more if I give up my license?? Food for thought. The market will turn into a cluster.
I also remember when the fax machine was the way we received orders. It was such a good time back then. We have to help support our local credit unions. And privatize our local MLS to put a stop to the data mining. NAR is part of the issue as well.
Desiree, kudos on an accurate and articulate summation of the appraisal profession! I will show this to my wife, so that she will understand why I let my license expire after 32 years! Best wishes to all those who continue to do honest and thorough work in the midst of the struggle!
It was very well written and 100% accurate. I hope to be retired in the next couple of years. I haven’t worked for AMCs for many years. These days, I do only VA work. I’ve let a couple of my clients know I’m considering retiring, and they asked if I had someone trained to take my place. I said, HECK NO! Training someone is another 5-7 years I’d have to be in this business. This profession has been good to me for the most part, but it’s time to start looking at retirement. My business has slowed over the past couple of years, so I’m going to just bow out gracefully.
Near perfection stating the truth about what is happening to all residential real estate appraisers.
Thank you.
And so be it, I’ve got over 25 years in this profession and do love what I do, however I’ve been priced out. Fees for software, insurance, realtor memberships, license fees, gas prices along with AMC taking their cuts, low fees that harken back to the 1990’s. It doesn’t make since anymore there is no profit. So yes I’m out one less certified residential appraiser.
I’m done. After 33 years I just put my license in Retired status. I can reactivate it in the future, but I honestly don’t want the stress. It’s not worth getting paid the same fee I was paid in 2000 with 5 times the amount of work. Plus the probability of being accused of being “biased”.
Well done, a concise and complete explanation of the state of affairs. Thing is, this is a universal problem throughout the economy as the ptb push to reorganize society around AI robots and cull the herd to “save the planet”. We appraisers clearly see this in the industry we are immersed in, but we are not alone. The goal is population control as in fewer people being more easily managed by elite psychopathic narcissists. However, it is unsustainable in the long run and delusional. Trump has thrown a monkey wrench into the gears which will give us a few extra years before a total collapse of the system run on smoke and mirrors. God bless him, but its hard to see the current economic-civil paradigm lasting past 2032. I’m glad I’m old. The good news for the young, smart, and strong is that Civilization will get a reboot of liberty and freedom out of the wreckage allowing hard work and virtue to again have value. These cycles are age-old.
Robert Burns saw it long ago (225 years): To A Mouse
The best laid schemes of Mice and Men
Often go awry,
And leave us nothing but grief and pain,
For promised joy!
Back when I started in 1978, one polaroid of the front and a one sheet filled out in pencil.
$50 per report and I thought I was rich.
Still working, now with my daughter, who is certified and we are having fun. We are lucky to have a great reputation and we charge what we feel we are worth.
The new form appears to be very detailed and I am sure we will have to up our fees, and we will not get every order, but I still have hopes for the future.
We work for AMC’s, but get our fee and add their fee on top. Again we do not get them all, but we are still ok.
I imagine that in a big city the AMC’s have low fees that some appraisers just take as they need a paycheck.
Giving our service away helps no one.
The AMC fees need attention as does much of our business.
I hope to appraise till I go “wheels up” and hope there is a future for my daughter.
I wish all of us the best………as there is a lot of work to be done.
People , please THINK! It wasn’t AMCs that started undermining firrea Before the ink was dry back in 1989-90. (Hint- look to defining original “stakeholders”…think MISMO).
AMCs were offered a huge monopoly at first (OCWEN, primarily. LSI was bug but didn’t have a monopply back then).
Ocwen had an existing relationship with the U.S. Treasury. Anti Trust violating price fixing was a LENDER DIRECTED condition of selecting AMCs from day one.
That, AND $25.00 to $35.00 kickbacks PER ORDER, to decision makers at the ‘bank’.
Then the AMCs became the lenders paid ‘mistresses’ (I’m trying to be polite)
Circa 2014 or 15 Coester VMS announced and marketed a one (fee) size fits all National Appraisal Fee (WHERE were the FTC whores then?)
People like we Pat Turner, Mike Smalls, Mark Skapinetz, myself, and many others worked to get C&R fees passed on an individual state basis.
Pat Turner led the successful effort in Virginia. AGA supported him at the Richmond hearings.
Skap took on (& ultimately won against Coester, getting him convicted of both criminal and civil offenses).
Despite anti appraiser interference from Revaa (currently working with AI on dubious ventures in the opinion of many appraisers).
Several others got positive C&R legislation passed in Louisiana, South Carolina, and North Carolina. Making inroads to other states as well.
Then an illegal, less than quorum of FTC Commissioners challenged Louisiana C&R compliance criteria. They weren’t beaten in court.
They were buried in litigation costs, ultimately causing them to cave in a settlement.
C&R compliance, despite FEDERAL LAW in the Dodd Frank Act, was simply ignored.
Lender to AMC price fixing is the norm to this day.
Enter Habina Horton & imaginary appraiser racial bias. Originated by a former staff counsel of Black Knight (formerly LSI), a big stir was created in Florida that appraisers were biased.
Coincidentally, BK was positioning itself for a corporate sale, AND promotion of DEMOGRAPHIC DRIVEN anti bias protecting appraisal software. (THINK about a demographic driven program and how it would possibly prevent bias!).
Enter the Biden crime family, and NGOs created (financially incentivize) by government grants to ‘find” appraiser bias.
A movement originally promoted by Julian Glover, an activist “journalist”, and educational organization teachers of equity programs, with dot-edu email addresses appearing disproportionately among plaintiffs in new, dubious cases.
There has never been one such litigated case finding an appraiser guilty of bias. Not one.
Former HUD Secretary Marcia Fudge was elf a proven racist, as evidence R need by her written Strategic Plan in which she promised a special treatment, “especially for people of color.”
That was before she resigned to go join a K Street lobbyists firm. Predimably to benefit from gr a it’s she herself had championed while she headed HUD!
ASC also disbursed questionable grants, against the interests of appraisers. My ‘favorite’ was the one to the clown(s) in England, to deal with AMERICAN appraisers!
In the meantime over this ten year time period (2015-2025), appraisers had enough. Some resigned. Many fell victim to GSE false, quota driven shenanigans used to recapitalize themselves by circumventing Congressionally imposed asset limitations. How? By DEFRAUDING BANKS with false “justification” premise buyback /repurchase demands.
Thanks to using Collateral Underwriter (CU) in ways never intended, and by lying about the nature of “reviews” never performed on appraisers work.
USPAP SR3? FNMA says they are exempt from USPAP. Just like several state real estate appraiser boards do. California is among the most egregious. They changed their state law to exempt their appraiser investigators from USPAP 01/2019…about a year after I beat them in court, and embarrassed them by catching their appraiser perjuring himself about USPAP compliance. In fairness, that preceded the current Bureau Chiefs on boarding. Though she too headed up AARO. Another corrupt, private organization designed to circumvent members state legislators by lobbying ASC, and TAF direct for those special enforcement USPAP changes we all wondered about.
So, we went from over “hundreds of thousands” of appraisers in our heyday, to somewhere in the upper 60,000s today.
Des is always a concise author. And an appraisers best friend by giving voice to our issues. Thank you, a thousand times over.
However, fighting our battles piecemeal in a system DESIGNED to facilitate corruption, and loan fraud, isn’t the solution anymore.
Congress needs to completely rewrite FIRREA. Eliminate its loopholes, that were abused for 35 years.
Eliminate Heinz-57 variable flavors of state and territorial enforcement of what were supposed to be UNIFORM standards.
IF FIRREA or a rewritten FIRREA II is to be followed, then ONLY federal licensing, and enforcement will produce uniform application of that law across America.
States have proven then cannot objectively, or honestly enforce USPAP compliance competently.
TAF needs to be disbanded. Period.
ASB, AQB and the long defunct APB despite original good intentions, have failed in the only real task they had.
To Preserve the Public Trust in Real Estate Appraisal.
They have been side tracked and unduly influenced for too long to be ‘fixed’.
No private organization should be able to make changes in principles or practices that become law by default.
Changes initiated by the original culprit, MISMO.
Their “founder”.
Well said Mike Ford!
Well said!
Mike Ford Hear! Hear! What a great synopsis. Thanks!
Great post!
Our profession has officially been DOGE’D — and not in the good kind of way. Despite what some may think, there’s nothing about what we do that resembles waste, fraud, or abuse. Ironically, the very entities pushing us aside are the ones that should be DOGE’D out of business. We’re the good guys/gals here.
I worked really hard to obtain my degree and start on appraisal courses to get licensed in Alaska. And ended up giving up because no appraisers in my area were willing to take on an apprentice and were all very unwelcoming to new comers. It’s a very gate kept field. I wrote many research papers on the diminished supply of appraisers due to those retiring and no one wanting to come into the field. Kinda hard to get into a field when no one is willing to help eager people wanting to learn though!
Cassia Morris and please do not believe it is all about not wanting to train competition. There is a LOT that would need to be unpacked as to why appraisers do not want to take on trainees. All of the costs involved, current low fees in many areas/cases, lack of work, taxes and additional accounting, lack of time, many work from home and do not want strangers in their homes, etc. It is nothing like becoming a plumbing or electrical apprentice.
oh I am fully aware it’s nothing like a plumbing apprenticeship. I know many many realtors/engineers/appraisers in my area. And it’s definitely not a lack of work or low fees. Your comment kind of cements what I was trying to articulate though, not in a good way.
Cassia Morris excuse me??? Maybe you misunderstood. I am just trying to explain the false narrative that many do not want to take on trainees due to training their competition. While that may be true in some cases, not all. All of those other items mentioned are valid reasons for not wanting to take on a trainee. Most areas lack of work, low fees, lack of time, etc are VALID reasons why appraisers are not willing to train. I have already trained several, and I just cannot, unfortunately, do it again at this point. I hope you do not give up your search.
Cassia Morris Cassia, I regularly train LICENSED or CERTIFIED appraisers to upgrade their licenses.
It hasn’t been practical to take on trainees since before the Great Recession.
Until TAF is eliminated, and INDEPENDENT appraisers control input into USPAP; under a federal agency, it never will be feasible again. Despite PAREA and any other DEI pandering initiated programs.
Go into law. It’s easier.
Cassia
Please don’t give up!
You will be needed and valued in the near future so stay the course. Because it’s the rural and underserved areas that need appraisers the MOST.
Cassia Morris I’m sorry that is what you experienced. I have 33 years experience appraising and just put my license as retired. It’s not that I didn’t want to take on provisional appraisers, I couldn’t afford to. 2024 was my worst year ever. I’ll see what happens in the next few years, but with the new form and AMCs pushing for the lowest fee quote I don’t see anything getting better. Older appraisers would not take on provisional appraisers because they can’t afford to. There is not enough to work at an acceptable fee for the work being completed. I’m also again receiving offers for “property inspectors”. The industry is in flux and no one knows where it will land. It doesn’t look good.
Betsy Mathews right! Some do not believe low fees is an issue, when it has been proven. Not low fees, but an appraiser in my market was just paid $222.60 for a URAR (Borrower was charged $800). I was paid more than that in 1987 when I started.
There will be a day when an attorney will need an appraisal for a divorce or an estate, or a government entity will need an appraisal for eminent domain, and they won’t find one.
Sorry but this is blunt! If it werent for these 💩 ass greedy AMC’s things would be a little better for all of us.
Well, there is always lawn mowing… It’s never too late to make a difference. See the previous three articles here and associated links to contact the FHFA directly, in the comments. It’s not over yet, put the work in and you never know. We’ve all came this far. Like many inventions in history, some bright ideas simply do not stand the test of time. The CU system, avm’s for lending, and gse appraisal modernization in general, appear to be destined for a similar fate. Clearly overkill and counter productive.
Very good article! I want to thank AppraiserBlogs and everyone that posts here, it was very informative. After 22 years in the Real Estate Industry (prev. occupation 20 yrs as a Chef) I am officially retiring at the end of this month. It’s been a great ride! One thing I did not enjoy was fee’s in early 2000’s was $350 and fee they are trying to give now but I will NOT take is $350. Unfortunately, someone else is. Thanks again.