Is there a shortage of appraisers coming?

Those of us in the mortgage and/or appraisal industry have experienced issues with extended turn times on appraisals.  In certain markets it is difficult to find quality appraisers to complete work in a timely manner.  Based on recent order volume there appears to be more demand than supply of appraisers in some areas of the country.

Are the delayed turn times caused by a shortage of appraisers? If so, why is there a shortage?  There are several factors to consider when reviewing the possible causes:

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Homeownership at Historic Lows

Today, the sales of homes are rising, but homeownership is going down towards record lows which is a very dangerous trend. The homeownership rate stands at a mere 63.6% when seasonally adjusted for the first quarter of 2016. This is a mere 1/10th of 1% above the all-time recorded low of 63.2% which was recorded in the second quarter of 2015.

While it can be argued that the record high of 69.4% which was reached in 2004 was artificially produced thanks to generous loans, the ownership rate dipping to below 64% is very troubling for the real estate industry as a whole.

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Helping lenders meet the deadline for HUD's EAD portal

An important deadline for lenders is fast approaching: June 27. While some lenders are ready to migrate to HUD's EAD portal, others are behind on implementation. HousingWire sat down with David Mentesana, VP of operations and client development at MyAMC, to find out what this change means, and how his company is helping lenders get prepared.

HousingWire: The deadline for lenders to migrate to HUD’s Electronic Appraisal Delivery (EAD) portal is June 27. How ready are lenders for this change?

David Mentesana: Most of the lenders we work with are ready or are in the midst of completing the necessary steps.  At MyAMC, we have completed our system development and went live the last week of April. MyAMC built a direct integration interface to allow us to submit hundreds of appraisals to the portal at one time.

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MyAMC Executives to Attend Valuation Expo in Las Vegas

MyAMC executives will be attending the 2016 Appraisal Summit and Expo in Las Vegas, the country’s largest gathering of real estate appraisers.

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