Navigating the world of real estate appraisal can be complex. State licensing requirements for appraisers vary significantly, and the process of selecting the right professional for your needs extends beyond merely choosing a licensed practitioner.
To participate in what we call a “federally-related transaction” – for instance, a mortgage underwritten by a national bank – an appraiser is required to hold a license or certification from their respective state. This is an indication that the appraiser has not only accumulated a specific number of supervised trainee hours but also potentially passed an examination and fulfilled a requisite number of hours of Continuing Education Training.
The introduction of appraiser licensing came about in the wake of the Savings and Loan crisis of the ’80s. Before this, appraisers relied on demonstrating their expertise, service quality, professionalism, and association designations to attract business. Some industry professionals feel that state licensing has diluted the value of the appraisal profession, reducing it to a minimum requirement rather than a marker of quality.
At Granite Appraisal Group, we’re of the opinion that a license should only be your baseline expectation from an appraiser. Our team prides itself on delivering a service that is not only professionally and ethically executed but also timely and high-quality, with a strong emphasis on customer service. We believe it’s vital for consumers to be discerning when choosing their service providers.
In the interests of consumer protection and transparency, the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) maintains a national database. This database records the license or certification status of appraisers and provides information on whether any practitioner has had their license suspended, revoked, or lapsed. You can take confidence in the fact that our license at Granite Appraisal Group is not only current but also in good standing.
In conclusion, while licensing is an essential factor in the appraisal process, it’s equally important to consider the service provider’s reputation, professionalism, and commitment to ethics. These are values we hold in high regard at Granite Appraisal Group. We invite you to explore our website further to learn more about our experience, services, and dedication to quality.