How many appraisers are leaving the industry every month?!
According to the Appraisal Subcommittee, the # of appraisers reached its peak in 2007 with 121,407 active appraisers nationwide. From 12/31/07 to 12/31/08 there was a small decline of 856 appraisers. From 12/31/08 to 12/31/09 there was a decline of 3,760 appraisers. From 12/31/09 to 12/31/2010 there was a decline of 6,879 appraisers. From 12/31/2010 to present (9/11) we have a decline of 2,697 appraisers.
That is 14,192 appraisers that have left the business since December 31 2007. 319 appraisers every month are being driven out of business by the AMCs. When will this insanity stop?
We have 107,215 active as of today. At the current rate of decline we will be at 2005 levels within 120 days. So much for growth in the industry.
Ironically the Appraisal Management Business is booming. Streetlinks is opening new offices in new states, Corelogic is hiring staff appraisers nationwide, LPS is hiring on such a massive scale, that I have never seen in 13 years of appraising.
A hiring rep for LPS recently told an applicant that: "This is the new business model for the industry. If you want to make a living appraising today, you need to be an employee of an AMC. Independent appraisers will no longer exist".
I have also learned that some AMCs are intentionally capping the # of reports an appraiser can receive in a months time. Intentionally keeping the appraisers income low enough to keep him or her desperate. A starving appraiser will be more easily pressured or manipulated.
Today we have reduced fees, scope creep, no loyalty from AMCs to the appraiser, increased costs, increased liability, reduced turn times, new regulations, new formats, increased demands from AMCs for content, no trainees allowed, waiting 60 days or more to be payed.
Perhaps the 14,192 that have already left were right?
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