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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  November 12, 2009  |   Appraisal Organization Defends Assignments
The average driving distance for an independent appraiser retained by the nation’s largest appraisal management companies is 13 miles in urban and suburban areas this year, according to a survey conducted by the Title/Appraisal Vendor Management Association.

Appraisal management companies currently provide approximately 60 percent of all residential appraisals used in the mortgage industry, the trade organization says. It conducted the survey to dispute the contention that appraisal management companies routinely use out-of-town appraisers who don’t know the territory, said Jeff Schurman, executive director of the organization.

Schurman says blaming the industry for low appraisals is wrong. Industry standards require that appraisers be assigned to territories with which they are familiar. If they aren’t, they are obligated to refuse the assignment, he says.

Source: Title/Appraisal Vendor Management Association (11/11/2009)

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