On average, an appraiser working with major appraisal management companies (AMCs) has more than 15 years of experience appraising residential properties, according to a new survey conducted by the Title Appraisal Vendor Management Association (TAVMA).
In addition, the survey shows that the vast majority of appraisers used by TAVMA members – 87% – are ‘certified’ appraisers – a designation that requires more experience and an additional level of testing above the state-licensed level. Although each state has its own rules, many require additional experience and testing levels to reach the certified level. States also demand that appraisers successfully complete continuing education classes each year to maintain their licenses, TAVMA explains.
Jeff Schurman, TAVMA's executive director, says the survey was conducted to "answer the allegations that brokers and Realtors have been making in the media regarding the experience levels of AMC appraisers."
"Our member survey clearly shows that not only are AMC appraisers experienced, but the vast majority hold the higher, certified-level, appraisal credential," Schurman says.
AMCs currently provide approximately two-thirds of all residential appraisals used in the mortgage industry, according to TAVMA's numbers. Although some AMCs employ in-house appraisers, most assign orders to local independent appraisers.
"TAVMA members continually review their roster of appraisers to make sure that all certifications and licenses are up to date," Schurman adds.