About Appraiser Diversity
AppraiserDiversity.com is an assemblage of mortgage industry stakeholders working together to increase diversity in the appraiser profession. Emphasis is placed on training, technology and analytics to prepare the next generation of appraisers.
With the Appraiser Training Program, Veros and Valligent offer an accessible and affordable option to encourage underrepresented groups to enter the appraisal industry. According to Urban Institute calculations of 2019 American Community Survey data, 89 percent of all property appraisers and assessors are white while only 2 percent are Black and 5 percent are Hispanic. Furthermore, the industry is made up of 70% male with an average age of 55+. The appraiser training program was created with the goal of changing that – making the appraiser pool more representative of the buyers and sellers they serve.
The Appraiser Training Program partners with lenders who agree to order appraisals from trainees in order to help them complete the 1500 work experience hours needed to become a licensed appraiser. Each trainee begins with education, then, over the course of 6-9 months, are supervised by an experienced, certified appraiser who oversees them as they appraise properties. Trainees also receive pay and benefits during their hands-on training.
There are no additional costs for a lender to sponsor a trainee. The only lender requirement is to direct 30 appraisal orders per month within specified geographies. These appraisal orders would be redirected from orders currently placed with another AMC. Standard appraisal fees apply for each individual appraisal order. The 30 appraisal orders per month covers our cost for the trainee and supervisory trainer.
Trainees are available throughout the U.S., primarily in metropolitan areas. In addition to the active training territories currently being supported, we have many certified supervisor trainers eager to be involved in this unique program. Therefore, a lender can sponsor a trainee in pretty much any area they have consistent appraisal volume.
The program and employee cost is re-cooped through standard appraisal fees a lender would ordinarily be charged for any appraisal. The structure of this program is quite unique as historically trainees have often worked for free to get the required experience to be fully licensed. Similarly, certified appraisers have been reluctant to take on a trainee as there was little assurance they would be compensated for the significant time involved.
- The lender will receive the benefit of improving the diversity within the appraiser profession and make a significant difference in the career(s) of prospective appraisers.
- The lender will receive faster turn times as the trainee/supervisor are dedicated to their orders.
- The lender is able to publicize their diverse appraiser sponsorship through their corporate website, social media, and press releases.
The lender and appraiser trainee have several options once the training program is completed:
- The lender may extend an offer to hire the appraiser.
- Valligent may continue to employ the appraiser, in which case the lender may continue using the fully licensed appraiser through the Valligent AMC.
- The appraiser may start their own appraiser business.
- The lender has no obligation to hire the trainee after their sponsorship ends.
Sponsoring a diverse appraiser is straightforward, but it does involve some coordination. In this regard, we partner with each lender to determine the market area(s) they would like to support and ensure there is an appropriate trainee and trainer capacity to meet the need for success. We begin with a conversation regarding the general program, review volume levels in designated areas, then establish a timeline for implementation. To begin:
- Contact us to discuss areas of interest at email@example.com
- Meet with the broader team to define timeline and workflow details
- Sign the sponsorship agreement