Appraiser Shortage Could Gum Up the Works at Mortgage Lenders
The number of licensed appraisers in the United States is down 28 percent -- or by roughly 23,000 individuals -- since 2007, when the housing boom crested. Many workers in the field are approaching retirement age, but low pay, heavy workloads, and higher barriers to entry are discouraging young people from entering the profession. As these forces collide, the subsequent contraction in appraisal professionals could eventually create a crisis. In five to 10 years, by one estimate, there will not be enough of these specialists to handle the volume of home sales. The result could be higher appraisal fees for lenders and prolonged delays in closing loans.
From "Appraiser Shortage Could Gum Up the Works at Mortgage Lenders"
American Banker (05/21/15) Berry, Kate
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