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Appraisers Struggle to Manage Skyrocketing Demand

 

Lenders informally surveyed by HousingWire are reporting that they’re being quoted two to three weeks for an appraisal. One lender reported an appraisal that was to take 10 days came back nearly 27 days later. Some appraisers in hot markets like Colorado are saying they can’t make it out to a property in four weeks or more, HousingWire reports.

“What’s happening is because it’s difficult to become an appraiser,” Phil Treadwell, vice president of development and regional manager for Mason-McDuffie Mortgage, told HousingWire. “And because you have to go through third parties whenever you have a spike in production, those agencies and appraisers get backed up. There’s not a whole lot that can be done—at the end of the day we have a finite number of appraisers.”

According to NAR's 2020 Member Profile, the typical appraiser specialist already had a 4% increase in business in 2019, compared with 2018. For a limited time, as part of NAR's Right Tools, Right Now program, REALTORS® can order the full Member Profile free of charge.

Brian Covey, vice president of regional production for LoanDepot, also says the industry is seeing a limited number of underwriters to keep up with the demand. As lockdown restrictions eased in May, mortgage volume began to surge. Low mortgage rates are creating a need for more underwriters and appraisers, lenders say.

One silver lining: The industry says appraisal waivers are increasing in some markets. “Property inspection waivers through automated underwriting systems and consumer-friendly online document exchanges have helped to speed up the process and keep employees and families safe along the way,” HousingWire’s Alex Roha reports.

But companies that do not have technology to help speed up the process say transparency will be necessary.

“What I’ve been encouraging people to do is just be really honest with the customers,” Lori Noble, an appraiser, told HousingWire. “My clients who are honest like that are definitely being successful and it’s not causing any discomfort, just success. People in the industry forget we are selling a home—this is more than a bottom line and, if you are realistic, people will understand that.”

Authored By:  Realtor Daily News

 
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The information provided in this email newsletter is for general guidance only, and does not constitute the provision of legal advice, tax and accounting advice, real estate investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional real estate, tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Home value estimate calculators provided herein are general estimations based on publicly available data and should not be used as a substitute for a professional appraisal. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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