WASHINGTON, D.C. – U.S. Senators Kevin Cramer (R-ND) and Ruben Gallego (D-AZ) introduced their bipartisan Appraisal Industry Improvement Act to improve access to housing in rural communities. This legislation comes as rural housing markets experience a shortage of trained appraisers and an aging appraiser workforce. Two thirds of appraisers are older than 51, while only 13% are younger than 35. These dynamics contribute to worker shortages, resulting in delays for appraisals and extending the homebuying process for purchasers and sellers. North Dakotans have experienced an average wait time of 21 days for home appraisals, while the national average is between six to nine days.
To support the home appraisal workforce and speed up the appraisal process, the bill will add state credentialed trainee appraisers to the national Appraiser Registry run by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council as well as add representation from the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture Rural Housing Service. It also allows ASC grants for state appraiser certification and licensing agencies to support education and training to address appraiser industry workforce needs. The legislation authorizes ASC to decrease annual registry fees if they determine the fees adversely impact functions and renews licensed residential appraisers’ ability to conduct appraisals on FHA properties.
“Housing markets, and especially rural markets like the ones we see across North Dakota, are negatively impacted by a shortage of trained appraisers,”said Cramer. “Our economy has a labor crunch and appraisers are no exception. Adding state-licensed appraisers to the national registry and supporting training and education efforts are solutions to speeding up the homebuying process. This bill improves access to the housing market without decreasing the quality of appraisals.”
“Appraisals are a critical part of the home buying and selling process, but right now a shortage of licensed appraisers is delaying home purchases and raising costs for Arizonans, particularly in rural and tribal areas,” said Gallego. “As I work to ensure the dream of homeownership is within reach for every hardworking family, I’m proud to help introduce this commonsense, bipartisan bill to boost the appraisals workforce and improve service to underserved areas.”
Click here for bill text.