Anecdotes have increased in recent quarters that there is a growing shortage of appraisers. 55.6 percent of lenders who took part in the most recent Survey of Mortgage Originators indicated some level of issues getting appraisals. However, 11.1 percent indicated that the issue was significant.
Respondents indicated that roughly 9.8% of volume was hit with a rush fee for getting an appraisal within a short time-frame. On average, those fees were 37.1 percent higher in this sample.
NAR will work with appraiser-members to continue to monitor constraints in the appraisal industry