It’s a different world now, and we’re all trying to find ways to make our jobs safer for us, as well as the markets we serve. COVID-19 has taken its toll on the mortgage industry, but there’s few places the pandemic has caused more long-lasting change than in the appraisal business. How has the appraisal industry dealt with the pandemic, and what are lenders’ appraisal options going forward?

Our licensed and certified appraisal review staff comes across appraisals on nearly every property type. Sometimes, lenders or property owners ask us for our opinion regarding building size- how is it calculated and what factors go into it? The answer is more complex than you might think. Living area is one of the most important aspects of a home, but it is often one of the most misunderstood. 

Just as having an impartial jury is essential to a fair justice system, having unbiased appraisers is essential to the mortgage industry. All too often we see lenders, brokers, or real estate agents who use shady tactics to collude with appraisers and artificially impact the appraised value of the property. This is called appraiser pressure. Many appraisers consider appraiser pressure to be one of the biggest issues facing appraisers today.