Traditionally, appraisers inspect the property's physical condition, functionality and surrounding neighborhood. It can be tricky with mortgage broker licensing to arrive at a valuation in a cooling market. Some appraisers say the boom provided a temptation to cut corners and complete more appraisals in less time.Then they compare that property to the comparable recent sales, making adjustments to price estimates for features that are superior or inferior.
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The warm security blanket for mortgage licensing and booming housing market has been tugged away by negative trends across the board: a 25 to 30 percent decline in sales, a $10,000-plus drop in prices and an inventory level that has swollen to more than 200 percent of last year's stock. As professionals in the lending industry have begun to call for a return to integrity in lending -- such as not issuing a loan without helping a borrower understand its terms first -- so have leaders in the appraisal community begun to reevaluate some of the practices that became commonplace in the boom. So, how do I get a mortgage broker license? There's another group feeling somewhat exposed these days -- the appraisers who estimate property values for lenders.
