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A matter of time.

More than 67 percent of residential appraisers spent four or more days completing a report last year, and lenders apparently are more accepting of the longer turnaround, according to the 2017 Voice of the Appraiser report, released Oct. 25 by October Research. A full 100 percent of lenders said they expect a turnaround of four or more days, up from 89.9 percent in 2016 who said they expected a report to take that long.

Average residential appraisal turnaround

2017

same day           0.8%
1 day              2.4%
4 or more days    67.5%
2 to 3 days       29.3%

2016

same day           0.5%
1 day              4.0%
4 or more days    64.0%
2 to 3 days       31.5%

Note: Table made from pie chart.
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Title Annotation:The News in Numbers
Publication:Valuation Magazine
Date:Jan 1, 2018
Words:127
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