As record low mortgage rates prompt a wave in both home buying and refinancing, appraisers may be having a tough time keeping up: Lenders are reporting turnaround times for appraisals are increasing and, as a result, lengthening the underwriting process.
Lenders informally surveyed by HousingWire are reporting that they’re being quoted two to three weeks for an appraisal. One lender reported an appraisal that was to take 10 days came back nearly 27 days later. Some appraisers in hot markets like Colorado are saying they can’t make it out to a property in four weeks or more, HousingWire reports.
“What’s happening is because it’s difficult to become an appraiser,” Phil Treadwell, vice president of development and regional manager for Mason-McDuffie Mortgage, told HousingWire.