View posts: mortgage lending
In today’s video blog, President of AAA Appraisal Management Company, Marlene Minite, discusses FHA Guidelines with Chief Appraiser Mark Liley.
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.