To help address the pending shortage of rural property appraisers — and the implications for agricultural and commercial credit in rural communities — ABA’s Center for Agricultural and Rural Banking and ABA’s Commercial Real Estate Committee convened a meeting yesterday of key stakeholders from the banking industry, federal government, appraisal industry and others.
“With many appraisers retiring and too few new appraisers entering the profession, the risk of a shortage would hinder credit in rural communities everywhere,” said ABA SVP Steve Apodaca, a former ag banker. “ABA is pleased to take the lead on this issue of critical concern for our members.”
The meeting was moderated by Nate Franzen, chairman of ABA’s Agricultural and Rural Banking Committee and head of ag lending at First Dakota National Bank, Yankton, S.D. He was joined by Robert Fouberg, EVP of Dacotah Bank, Aberdeen, S.D., and Brian Gatzke, owner of Northern Plains Appraisal. Other participants at the meeting included representatives from the U.S. Department of Agriculture, the Appraisal Institute, the American Society of Farm Managers and Rural Appraisers, the American Society of Appraisers, TIAA-CREF, Farmer Mac and others.
The group discussed how an appraiser shortage would affect their institutions and whether and how changing the requirements to become an appraiser would ease the shortage. ABA will lead the group in submitting comments and testimony before the Appraisal Qualification Board’s Oct. 16 meeting. For more information, contact Apodaca.