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58 as opposed to sitting in traffic on the local expressway." Fall suggests that finding a balance between those two sides could be beneficial for the industry, but cautioned, "we need to be careful in the qualification phase and in the manner of how the implementation actually occurs so that we don't jeopardize the public trust." Another trend, and one that could present problems moving forward, is the possible shortage of appraisers. Jacob Williamson, Fannie Mae's VP of Single-Family Real Estate, noted in a June blog post that 49% of appraisers are between the ages of 51 and 65, while an additional 13% are 66 years of age or older. e issue, he noted, is that 7% of the appraisers have been working in the industry for two years or less, while 52% have been in the industry for more than 20 years. is could present ongoing workforce issues if new blood is not brought into this sector. e Appraiser Qualifications Board of the Appraisal Foundation adopted changes in 2018 that state regulatory boards have since implemented. ese changes include education and experience requirements that were modified to remove barriers that have deterred qualified candidates from entering the profession. "ere are challenges ahead as there are in many industries within real estate," said George Paquette, SRA, Chief Appraiser, Valuations, at Springhouse. "We have a healthy balance of fee appraisers in most major metropolitan markets, but I see concerns as fewer people are training new appraisers, especially with many appraisers nearing retirement and who may not choose to adopt the bifurcation process or other new products," Paquette added that Springhouse and parent company Altisource have partnered with Fannie Mae and the National Urban League to promote the appraisal industry, and that the response "has been outstanding." "By showing participants that they have many options within the appraisal industry and witnessing their reactions, it solidifies that the message we are promoting is well-received and needs to be completed on a larger scale," Paquette said. "I predict that there are going to be less appraisals in the future, due to appraisal waivers and alternative products, but there will also be far fewer appraisers to compete with due to the limited number of appraisers entering the field ." Ernie Durbin, Chief Valuation Officer for Clarocity, said, "the shortage is not a new challenge" in this industry, noting that the debate about whether the industry is lacking sufficient appraisers has been ongoing for quite some time. He also suggested that an appraiser shortage is the least of the industry's concerns. "Do we have an appraiser shortage? Well, we certainly do not right now, because we don't have a robust market. But if we were back in the summer of 2016, we had a few states in the northwest and Colorado that had a tremendous backlog. at got people talking about the results of the shortage, or if there was a shortage," Durbin said. He added that, while he questions the accuracy of the supposed appraiser shortage now, he did acknowledge that the average age of an appraiser is in the mid-50s, and suggested the industry needs to learn how to make the appraisal process more efficient and more profitable. THE TECH IMPACT Appraisers around the country are continuing to see just how powerful and beneficial technology can be in the world of property valuations. "e number of days it takes to complete appraisals is shrinking and data integrity is vastly improving," Paquette said. "is is exciting because it is something I have not witnessed in the past." Paquette suggested that, traditionally, appraisers have been slow to adopt new technology. With more pressure on the lending industry to reduce costs and streamline the process, however, those attitudes may be changing. Tony Pistilli, Chief Appraiser with Computershare, said that technology began impacting the industry in the 1990s, when computers replaced typewriters and manual processes. e industry has since witnessed the progression of analytics tools and technology that has been able to assist with auto-populate appraisal software and regression analysis, as well as aiding in adjustment validation. "e next thing we will see is web-based forms, with sales data offered to the appraiser, more data-driven analysis, and less form filling by appraisers," Pistilli said. "All of these changes have made appraisers more efficient and have allowed them more time to focus on what their area of expertise is—being the local market expert." Brandon Boudreau, Chief Operating Officer of Metro-West Appraisal Company, LLC, told DS News that appraisers are being asked to do more data collection, as opposed to property inspectors. While he noted this is good for appraisers, technology could be the answer for speed and efficiency. "As technology continues to get a grasp on our occupation, you're seeing more integration and more and more adoption of mobile devices used on inspections," Boudreau said. "ose are all things that are speeding up the process and accelerating inspection time in the field. ey're making it easier to communicate as people become more and more integrated." Boudreau added that what makes the integration of technology unique is that "everyone is getting on board" with new technology, but what's accelerating the process are the different software and hardware options that are helping make the process more seamless. " e amount of days it takes to complete appraisals is shrinking and data integrity is vastly improving." —George Paquette, Chief Appraiser, Valuations, Springhouse

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