Appraisal management software company Reggora launched the Appraisal Performance Index. This is a first-annual study to index the mortgage industry’s appraisal operations trends.
The study showed that time to process appraisals has dropped steadily as the number of appraisals per appraiser has become more manageable.
It also showed that the average appraisal fee slowly dropped during 2022. The year began with an average fee of $620 per appraisal. It peaked in March at $635 and fell to $592 by November.
“Tepid home sales and refinances in 2022 put less strain on the fulfillment logistics and allowed appraisal turn times to improve from the difficulties in 2021,” said Brian Zitin, co-founder and CEO of Reggora.
More appraisals are requiring revisions as the market turned more volatile and came under greater scrutiny, the index showed.
To develop the index, Reggora aggregated 2022 data from its platform to learn how the industry performs in four of the most important categories: appraisal fees, fee escalations, turn times, and revision rates.