Appraisal Qualifications Board Issues New Proposal to Combat Appraiser Shortage

As lenders continue to raise concerns about a lack of certified appraisers, particularly in rural areas, the Appraisal Qualifications Board this week released a fourth exposure draft of a proposal to change the qualification criteria for real property appraisers.

Importantly, the AQB proposed to remove college degree requirements for licensed residential appraisers and provide alternatives to the bachelor’s degree requirement for certified residential appraisals. The proposal also outlines an alternative track for licensed residential appraisers to become certified without obtaining a bachelor’s degree. In addition, it would reduce the number of field hours needed from 2,000 to 1,000 for licensed appraisers and 2,500 to 1,500 for certified appraisers. Comments on the proposal are due Jan. 12.