The Appraisal Files

The Appraisal Qualifications Board (ASB) is considering lowering the educational requirements for Certified Residential Appraisers. It is my opinion that this is the wrong direction to take the appraisal industry. A home is the most expensive purchase that most Americans will make in their lifetime. What public good will be served by lowering the bar as to who can appraise their home. The general public depends on the appraiser to be objective, qualified, and credible.  The lowering of the educational requirements residential appraisers not serve the public needs. The housing industry must be built on credible home value from which lenders can make a loan that safe, sound, and secure. The loan for a home must be based on solid underwriting principles. One of the requirements for sound underwriting is knowledge of an objective credible opinion of value from a qualified appraiser. Lowering the educational requirements for an appraiser will make their work less credible.