{"id":17629,"date":"2020-08-07T12:01:37","date_gmt":"2020-08-07T12:01:37","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17629"},"modified":"2020-08-07T12:01:37","modified_gmt":"2020-08-07T12:01:37","slug":"appraisers-struggle-to-manage-skyrocketing-demand","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/appraisers-struggle-to-manage-skyrocketing-demand\/","title":{"rendered":"Appraisers Struggle to Manage Skyrocketing Demand"},"content":{"rendered":"

Appraisers Struggle to Manage Skyrocketing Demand<\/h1>\n

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As record low mortgage rates prompt a wave in both home buying and refinancing, appraisers may be having a tough time keeping up: Lenders are reporting turnaround times for appraisals are increasing and, as a result, lengthening the underwriting process.<\/p>\n

Lenders informally surveyed by HousingWire are reporting that they\u2019re being quoted two to three weeks for an appraisal. One lender reported an appraisal that was to take 10 days came back nearly 27 days later. Some appraisers in hot markets like Colorado are saying they can\u2019t make it out to a property in four weeks or more, HousingWire reports.<\/p>\n

\u201cWhat\u2019s happening is because it\u2019s difficult to become an appraiser,\u201d Phil Treadwell, vice president of development and regional manager for Mason-McDuffie Mortgage, told HousingWire. \u201cAnd because you have to go through third parties whenever you have a spike in production, those agencies and appraisers get backed up. There\u2019s not a whole lot that can be done\u2014at the end of the day we have a finite number of appraisers.\u201d<\/p>\n

Brian Covey, vice president of regional production for LoanDepot, also says the industry is seeing a limited number of underwriters to keep up with the demand. As lockdown restrictions eased in May, mortgage volume began to surge. Low mortgage rates are creating a need for more underwriters and appraisers, lenders say.<\/p>\n

One silver lining: The industry says appraisal waivers are increasing in some markets. \u201cProperty inspection waivers through automated underwriting systems and consumer-friendly online document exchanges have helped to speed up the process and keep employees and families safe along the way,\u201d HousingWire\u2019s Alex Roha reports.<\/p>\n

But companies that do not have technology to help speed up the process say transparency will be necessary.<\/p>\n

\u201cWhat I\u2019ve been encouraging people to do is just be really honest with the customers,\u201d Lori Noble, an appraiser, told HousingWire. \u201cMy clients who are honest like that are definitely being successful and it\u2019s not causing any discomfort, just success. People in the industry forget we are selling a home\u2014this is more than a bottom line and, if you are realistic, people will understand that.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cSurging Mortgage Volume Puts Pressure on Appraisal Turn Times<\/a>,\u201d HousingWire (Aug. 4, 2020)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Appraisers Struggle to Manage Skyrocketing Demand   As record low mortgage rates prompt a wave in both home buying and refinancing, appraisers may be having a tough time keeping up: Lenders are reporting turnaround times for appraisals are increasing and, as a result, lengthening the underwriting process. Lenders informally surveyed by HousingWire are reporting that … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-17629","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nAppraisers Struggle to Manage Skyrocketing Demand - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/appraisers-struggle-to-manage-skyrocketing-demand\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/appraisers-struggle-to-manage-skyrocketing-demand\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/appraisers-struggle-to-manage-skyrocketing-demand\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Appraisers Struggle to Manage Skyrocketing Demand\",\"datePublished\":\"2020-08-07T12:01:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/appraisers-struggle-to-manage-skyrocketing-demand\\\/\"},\"wordCount\":386,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/appraisers-struggle-to-manage-skyrocketing-demand\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/appraisers-struggle-to-manage-skyrocketing-demand\\\/\",\"name\":\"Appraisers Struggle to Manage Skyrocketing Demand - 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