MOST INVESTORS DON’T ALLOW THE USE OF TRAINEES.
LENDERS WANT MORE APPRAISERS, AMCs WANT MORE APPRAISERS, FEE APPRAISERS WANT TO BE ABLE TO HIRE TRAINEES.
Investors are imposing lots of requirements on the lenders that sell them loans, including not accepting reports signed by trainees and supervisors. Every investor seems to have different requirements. If the lenders don’t do it, they won’t be able to sell their loans to specific investors.
The “good old days” when Fannie set the requirements with a few lenders adding more are gone.
There are a few portfolio lenders (don’t sell their loans) or lenders who work with investors who will allow trainees, but they are very few.
THE ONLY WAY TO FIX THE APPRAISER SHORTAGE IS TO ALLOW THE USE OF TRAINEES WITH THE SUPERVISING APPRAISER INSPECTING THE SUBJECT AND THE COMPS.
THE ONLY WAY THIS WILL HAPPEN IS IF INVESTORS ALLOW THE USE OF TRAINEES.
I have never heard of any time that lenders did not allow the use of residential trainees. This is the only way to handle the huge cycles of residential lending.
We too often forget the boom and bust of lender requirements for mortgage loans. Just a few years ago brokers could order appraisals and trainees could sign on their own. The 2008 mess is still being cleaned up. Lenders are afraid of loan buybacks. We will just have to wait.
All appraisers started as trainees, even before licensing. They were not called “trainees” but they needed to be trained and educated.