On average, an appraiser working with major appraisal management companies (AMC) 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 showed that the vast majority of appraisers used by TAVMA members are "certified" appraisers, a designation that requires more experience and an additional level of testing above the state-licensed level.
According to the survey of TAVMA members, 87 percent of appraisers used by TAVMA members are certified appraisers. According to the Federal Financial Institutions Examination Council (FFIEC) registry, 83 percent of appraisers have a certified registration. The certified designation is a higher level of appraisal licensing than state licensing. 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.
Source: * TAVMA AMC Member Survey **Federal Financial Institutions Examination Council
"Our members, the nation's largest appraisal management companies, monitor their roster of appraisers to ensure that they are properly certified and experienced for a specific assignment," explained Jeff Schurman, executive director of TAVMA. "We surveyed our members 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, the vast majority hold the higher, certified-level, appraisal credential."
AMCs currently provide approximately two-thirds of all residential appraisals used in the mortgage industry, and TAVMA's 45 AMC members together account for more than 80 percent of this volume. 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," said Schurman. "This is just one element that AMCs look at before assigning an appraiser. They also look for an appraiser who has experience within an appropriate geographic area, usually not more than a 13-mile radius, and with the property type in question."
For more information, visit www.tavma.org.