How to Get Approved With Mortgage Companies As an Appraiser
Mortgage companies, banks and lenders rely on quality appraisers throughout the mortgage process. Once approved by a mortgage company, the appraiser will be placed on an "approved appraisers" list, and will be open to receiving appraisal work orders. Through this process, valuable partnerships can be formed, with more consistent income to follow. Getting approved on a mortgage company's approved appraiser list consists of these basic steps.
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Things You'll Need
- Copy of your appraiser's license
- Samples of previous work, references and testimonials, if applicable
- Updated resumé
- Computer with Internet access
- Phone
- Fax machine
Instructions
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Prepare your documents. Gather together a copy of your appraiser's license, updated resumé and any previous appraisal reports and list of references and testimonials.
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Create a targeted list of mortgage companies to approach. Research mortgage brokerages, banks and lenders on the Internet and jot down pertinent contact info.
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Contact the companies on the list via phone or email. Ask about the procedures for becoming an approved appraiser and follow through if interested. Most companies will require copies of an appraiser license to be faxed or emailed, along with a recent resumé. Some states, like Georgia and North Carolina, have real estate commission boards where mortgage companies and realtors can verify your licenses online.
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Tips & Warnings
When creating the list of targeted companies to approach, focus only on those in areas to which you're willing to drive for appraisal work. You may not be willing to drive more than 50 miles for a certain job, and the extra work involved in comparable property research for areas in which you're unfamiliar may not be worth your time.
When providing copies of your appraiser's license and resumé, include samples of previous work, references and testimonials to show your credibility and reputation in the field.
Approved appraisers' lists are rarely updated. Once approved, mortgage companies may never contact the appraiser for work or remove appraisers whose licenses have expired. Keep yourself in front of competitors by staying in touch (in person, via email or regular mail), being accessible and asking for appraisal work. Persistence and good work go a long way in the mortgage business.
Beware of loan officers or mortgage companies who ask, prior to approval, whether you can obtain certain values for them. Appraisals must be completed honestly and based on comparable local sales within a 6-month timeframe, and companies who push you for higher values may jeopardize your license and perhaps involve you in mortgage fraud.
References
- Photo Credit blueprint image by Igor Zhorov from Fotolia.com
