View posts: Appraisal Management Company
In today’s video blog, President of AAA Appraisal Management Company, Marlene Minite, discusses FHA Guidelines with Chief Appraiser Mark Liley.
The Mortgage Industry is a powerful, interesting, stressful and yet exciting business. There is never any shortage of action happening, and there are no limits to how much one can grow as long as they are dedicated and motivated to do so. I feel as though no matter how long we’ve been in this industry and how much we feel we may know it, there is always so much more to learn — especially when it comes to the ever changing compliances and guidelines that keeps us all on our toes. Although these changes may be challenging, it is comforting to know that the mortgage industry is here to stay and there is no limit to its potential.
Though there are numerous industry roles and positions, each one is essential to complete and master the game. The saying “one hand cannot clap on its own,” illustrates the reliance needed from every player to complete the task at hand.
Lately there’s been a lot of talk and debate on whether or not we are going to be experiencing another huge hit in our industry. As a result, you and I have all been worrying how we could afford another hit and manage to come out of it this time around. However, have you read the article that was published on the Fannie Mae site on June 23, 2015 called “Economic Rebound on the Horizon with Q1 Slump in Rearview Mirror,” by Katie Penote? It actually gave me quite a bit of hope for this upcoming quarter and I hope it does the same for you. It states that even with the rise of the U.S. dollar, and the ongoing trials our country has been experiencing in regards to the oil and gas industry, what will keep us afloat is that employment rates are actually on the rise, which means the average household income will also increase, providing a better market for real estate. In fact, they claim that this is likely to assist our economic growth to jump about 3.
Since I interact with appraisers all day and have been for the last decade, I wanted to blog about a challenge that newly Licensed Appraisers face when landing a position with Appraisal Management Companies every day.
Here’s a typical scenario: Appraiser Trainees get their Trainee license and are ready for some appraisal experience. After finally landing a mentor (a State Licensed Appraiser), they go through a rigorous one-year program, which includes training with them for a minimum of 2,000 hours. Once their hours are accepted by the board, they are eligible to take a State Board exam. Once they pass that test, they become a State Licensed Appraiser.
Armed with a new license, which may take up to 90 days to issue in some states, the appraiser calls me for work. Sadly, I have to turn them down. They don’t realize that lenders today will now only accept Certified Appraisers.
As we approach this Thanksgiving Holiday, I can’t help but recall how far I have come. There was a time in my life where any fly on the wall would think there wasn’t much I had to be thankful for. However, since I was a little girl, I have been blessed with the gift of insightfulness and gratitude. While it seemed I did not have much to others, I was giving thanks for my family, our health, that we were all together and that there was so much love surrounding each of us.
Over the years I have faced many hardships, I have conquered many battles and lost several more. I know too well the feeling of thinking I am the only one experiencing let downs from life, but I have learned that if we take a moment to look around us and focus instead on our fellow citizens, we can easily see that every individual has their own struggles. For some the struggle is personal, health related, or a rocky relationship with a loved one. One thing we can always rely on is change.