As the shortage of appraisers continues to be a priority issue for bankers, particularly those in rural markets, ABA last week offered feedback on a recent proposal by the Appraiser Qualifications Board to change the qualification criteria for real property appraisers. While the association supported several of the proposed changes — including those to remove or change certain educational requirements needed to obtain real property appraisal credentials — ABA urged the board to continue exploring solutions that would allow prospective appraisers to use relevant experience gained in other professions to help meet certification requirements.
ABA noted that many individuals in related careers have valuable experience with property valuations, such as bankers that are involved in real estate transactions. Taking this previous experience into consideration could help attract qualified talent to the appraiser profession, the association said. ABA also encouraged the board to continue working with appraisal professionals to reach consensus on proposed adjustments to specific course guidelines and experience-hour requirements that would help ease current entry barriers to the appraiser profession. For more information, contact ABA’s Rod Alba.