Appraisal Woes Plague State

As the legislature is wrapping up, the League’s Governmental Affairs team is beginning to turn its attention to other issues facing credit unions. Maine is suffering from a desperate lack of certified appraisers, with only one certified appraiser available for every 19 active listings. This is compared to a 1:6 national average. This acute shortage is felt most keenly in our northern counties, but is raising appraiser fees and lengthening wait times for all prospective homeowners in Maine.  

The League, along with the Maine Bankers Association, Maine Mortgage Professionals, and CUSO Home Lending, sent a letter to the State Appraiser’s Board asking them to take action to align Maine’s certification standards with the federal minimum guidelines set forth by the federal Appraisal Qualifications Board. With 70% of appraisers over the age of 50, it’s crucial we encourage new appraisers. 

As we continue to work on this issue, the League will keep our credit union partners informed.