Thoughts from a veteran appraiser
By Brena Swanson | HousingWire
A group of federal agencies put out a release on Wednesday to help create a temporary fix to the current appraisal shortage that’s impacting loan turn times. The release highlights two existing options already out there, but according to at least one veteran appraiser, the two suggestions don’t bring the clarity needed and missed the mark on effectiveness.
Matt Simmons, a partner at Maxwell, Hendry & Simmons, who also recently sat on a recent HousingWire panel to discuss the state of the appraisal industry, gave extra feedback on what the release means for the industry.
The advisory note recommends two paths for FDIC-supervised institutions to satisfy their appraisal requirements in areas where the institution believes that there is a shortage of appraisers.
