The National Appraisal Congress has announced the formation of the Society of Young Appraisal Professionals, an NAC subcommittee focused on addressing the declining workforce in the residential valuations space. The new subcommittee's focus will be on actively recruiting, educating, and promoting apprentice appraisers and on brainstorming ideas and developing solutions to help appraisers who have been in the valuation space for five years or less.
Effective immediately, the Society of Young Professional Appraisers will become an active part of NAC, which is a Five Star Institute membership group that collaborates on sustainable solutions for issues impacting U.S. appraisers and the residential valuations industry. Stringent barriers for entry, combined with conflicting state guidelines, have made it difficult for experienced appraisers to invest in training the next generation. NAC is actively working to address this problem by developing a plan to foster dialogue with state and federal regulators.
A total of 6.5 million borrowers could qualify for and benefit from traditional refinances and the Home Affordable Refinance Program, according to the Data and Analytics division of Black Knight Financial Services latest Mortgage Monitor Report. In total, American homeowners could be saving 1.5 billion dollars every month.