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Hey 50-percenters, There Is No “appraiser Shortage” So Knock It Off

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Evincere

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:):D

[Housingwire] Hey 50-percenters, there is no “appraiser shortage” so knock it off

by Jonathan Miller | @jonathanmiller
June 15, 2017 | 4:32 pm | Articles |
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Appraising Government, Politics, Regulations & Policy
Housingwirelogo-600x111.png


As a longtime reader of Housingwire, I always saw them as a great resource on the goings on in the mortgage industry. But lately, I grew concerned about the one-sided coverage as it related to my industry – residential appraisal.

HousingWire recently published an “appraiser shortage” blog screed that was tone-deaf to the problems facing appraisers. To their credit, Jacob Gaffney, the editor-in-chief, reached out to me for a rebuttal after reading all the negative appraiser feedback in the comments section. Rather than address specific failings of this piece, I opted to focus on current appraiser reality.

To start, the residential appraisal industry has a perception problem.
Read my full post on HousingWire.

Here is another thought on this appraisal shortage silliness. Not too long ago there was a webinar hosted by Housingwire that included some Powerpoint slides by one of the panelists, Matt Simmons. He is a Florida appraiser and former state regulator. He shared it with me and one of his slides is quite amazing. He matched mortgage origination volume with the federal registry of appraisers.

The finding?

The ratio of appraisers to mortgage volume has been higher since the housing bust than during the housing boom. While the chart only goes to 2015, both total origination and appraisers have changed little since then, so the ratio would remain stable, consistent with the post-financial crisis pattern. In other words, there are more appraisers now than there were during the Housing Bubble based on mortgage volume.

 

Terrel L. Shields

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Miller has enough TV exposure to get HW's attention.
 

Elliott

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The "fake news" appraiser shortage is based on three demand spikes for re-fi appraisals during the last 4 years. The ASB has followed along like the good lap dogs they are. Whatever the AMCs want, they get because they have the bucks to buy the lobbyist. The reason many appraisers got out was because AMCs drove prices down to basement levels and then cried when they couldn't find appraisers to do a "UAD 1004 w/MC, photos of everything, two listings with an hour of stip work, subject to CU" for $275 in five days.
 

Mike Kennedy

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The "fake news" appraiser shortage is based on three demand spikes for re-fi appraisals during the last 4 years. The ASB has followed along like the good lap dogs they are. Whatever the AMCs want, they get because they have the bucks to buy the lobbyist. The reason many appraisers got out was because AMCs drove prices down to basement levels and then cried when they couldn't find appraisers to do a "UAD 1004 w/MC, photos of everything, two listings with an hour of stip work, subject to CU" for $275 in five days.
APPLAUSE.gif APPLAUSE.gif
 

gregb

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No appraiser shortage in Cali. Mercury request for an FHA condo appraisal, due in 7 days, fee of $450, inspect in 48 hours, required Certified General appraiser plus an FHA designation!


Ordered By:

Mid America Mortgage, Inc.
15301 Spectrum Sutie 405
Addison, TX 75001

Subject Property:

zzz
Ventura, CA 93004-2455

Tracking Number:

MERC-zzz

Vendor Assigned:

gregb


Form/Type:

Condo FHA (1073)

Requires XML:

Yes

Requires ENV:

No

Fee:

$450

Transaction Fee:

$0

Due Date :

6/27/2017

Payment Method:

Check

Lender:

Mid America Mortgage
15301 Spectrum Dr.
Addison, TX 75001


Special instructions from your client:
NEED BY DUE DATE. PLEASE UPDATE ME BEFORE DUE DATE IF YOU ARE RUNNING INTO ANY ISSUES THAT WILL DELAY REPORT
Please call to schedule inspection within 48 hours. All orders require photos of the Left and Right side of the subject property and Street Scene.

**Please upload an Invoice and BE SURE THE ATTACHED W9 IS FILLED OUT SO I CAN MAKE SURE YOU ARE PAID IN A TIMELY MANNER** At a minimum, the following items must be included in the final report: Condo (Form 1073 - UAD), Market Conditions Addendum (1004MC). The vendor completing this assignment must have a Certified General Appraiser License and must hold the following designation: FHA..
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
No appraiser shortage in Cali. Mercury request for an FHA condo appraisal, due in 7 days, fee of $450, inspect in 48 hours, required Certified General appraiser plus an FHA designation!


Ordered By:

Mid America Mortgage, Inc.
15301 Spectrum Sutie 405
Addison, TX 75001

Subject Property:

zzz
Ventura, CA 93004-2455

Tracking Number:

MERC-zzz

Vendor Assigned:

gregb


Form/Type:

Condo FHA (1073)

Requires XML:

Yes

Requires ENV:

No

Fee:

$450

Transaction Fee:

$0

Due Date :

6/27/2017

Payment Method:

Check

Lender:

Mid America Mortgage
15301 Spectrum Dr.
Addison, TX 75001


Special instructions from your client:
NEED BY DUE DATE. PLEASE UPDATE ME BEFORE DUE DATE IF YOU ARE RUNNING INTO ANY ISSUES THAT WILL DELAY REPORT
Please call to schedule inspection within 48 hours. All orders require photos of the Left and Right side of the subject property and Street Scene.

**Please upload an Invoice and BE SURE THE ATTACHED W9 IS FILLED OUT SO I CAN MAKE SURE YOU ARE PAID IN A TIMELY MANNER** At a minimum, the following items must be included in the final report: Condo (Form 1073 - UAD), Market Conditions Addendum (1004MC). The vendor completing this assignment must have a Certified General Appraiser License and must hold the following designation: FHA..
How does a single appraisal order request provide any evidence regarding the supply of appraisers in California?
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
**Please upload an Invoice and BE SURE THE ATTACHED W9 IS FILLED OUT SO I CAN MAKE SURE YOU ARE PAID IN A TIMELY MANNER** At a minimum, the following items must be included in the final report: Condo (Form 1073 - UAD), Market Conditions Addendum (1004MC). The vendor completing this assignment must have a Certified General Appraiser License and must hold the following designation: FHA..
(my bold)

Greg-

Why would they require a commercial appraisal license for a residential property?
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
(my bold)

Greg-

Why would they require a commercial appraisal license for a residential property?

Never worked for this client and don't have a clue regarding the CG requirement, unless they think it requires a CG to analyze the condo project budget. :)
 
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