Appraisers have struggled to attract younger generations for years, and now the Appraiser Qualifications Board is taking action. The Appraisal Foundation recently announced that it was reducing the requirements to become an appraiser even further, now providing an option that requires no college education.
The housing industry desperately needs new, qualified appraisers to replace an experienced workforce. Currently, the vast majority of appraisers are in their late 50s and do not have the incentive to mentor a new trainee. The financial incentive of working as an appraiser is waning as well because the growth of automated appraisals is constricting profit margins.
- Starting in May, you can become certified residential appraiser with no college education
- The Appraisal Foundation announced six options for licensing that require various levels of education or college hours
- Most required hours or time commitments were cut in half in the new changes
Back in May of last year, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency even tried to ease the situation by allowing temporary practice permits and temporary waivers.
Now, the Appraiser Qualifications Board is updating its requirements to become an appraiser including reducing the college hours and even on the job training time.
Previously, a licensed residential appraiser needed 30 hours of college-level education, but as of May 1, 2018, no college education will be required.
A certified residential appraiser previously needed a bachelor’s degree or higher. Now, however, the board is providing appraisers with six possible options of which the most simple is an associate’s degree in one of the board’s required fields. The chart below outlines each of the six options.
Also, check out some of the changes below to the experience requirements.
View the original article at Housing Wire