Appraisers are feeling the pressure of an increasingly shrinking mortgage market in the United States. According to a recent survey from the National Association of Realtors (NAR), this fee pressure is the main challenge for appraisers.
One of the biggest issues facing appraisers is the broad trend investment companies are pushing for greater efficiency and cost savings. This means appraisers must be productive, while also upholding the highest professional standards. This is not easy to do in the current economic environment. In the survey, appraisers noted challenges like reduced fees, prolonged ordering processes, and less time with clients.
The main challenges appraisers face are:
• Reduced Fees: Appraisers have been feeling the pinch due to lower appraiser fees in the current market.
• Prolonged Ordering Processes: Appraisers reported that increased paperwork, complicated bank processes, and other bureaucratic hurdles can mean it takes much longer to finish projects.
• Less Time With Clients: With market conditions, time spent with appraisers has become less common – leaving appraisers without the in person communication they need to be successful.
As more and more investment companies seek greater efficiency and cost savings, appraisers will need to become even more adaptive, productive, and professional. The NAR survey sheds important light on the difficulties and realities the appraisal industry is facing.
You can read this full article at: https://www.housingwire.com/articles/appraisers-raise-alarm-on-amc-revenue-sharing-models/(subscription required)
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