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Here are 7 trends to watch in the 2022 appraisal market

The tides of the mortgage industry are changing as we head into 2022, and just like the sand under the waves, we can expect the appraisal landscape to shift along with it.
The post Here are 7 trends to watch in the 2022 appraisal market appeared first…



The tides of the mortgage industry are changing as we head into 2022, and just like the sand under the waves, we can expect the appraisal landscape to shift along with it. Appraisers, like many other service providers, must adapt to market changes to accommodate their clients’ needs. Whether it is providing appraisal services, underwriting services or title services, a mortgage application cannot proceed without their input. 

We have reviewed and analyzed recent stakeholder and government data, and we are pleased to deliver the following analysis and predictions for 2022.

Current volume and trends

It is fairly well-known that the appraisal industry has a supply and demand issue. Freddie Mac recently released trend analysis of appraisal activity for appraisals submitted to the Uniform Collateral Data Portal. This data clearly illustrates the issue: 

  • Appraisal volume exceeded the high-water mark of 700,000 monthly submissions to the appraisal data warehouse on multiple occasions in 2021. Prior to 2020 it was a rare occurrence for volume to exceed 600,000 per month. 
  • The number of appraisers completing appraisals for transactions eligible for sale to the GSEs has remained relatively flat.  

In addition to the supply and demand issue in 2021, we also saw continued challenges around appraiser throughput, appraisal turn times and appraisal fees. 2021 also introduced change at the policy level, as appraisal waivers began to slow down and the FHFA’s announcement to allow desktop appraisals. 

We’ll dig deeper into each of those topics below, but first we’ll explore one of the biggest driving forces on appraisal: market volume.   

2022 Outlook for volume

Mortgage rate predictions for 2022 by industry stakeholders show rates for 30-year fixed mortgages to range from 3% to 4%. As of this writing, in 2021, 31 of 45 weeks had mortgage rates below 3%. The last time the 30-year mortgage rate was at or above 3.5% was in March of 2020. Prior to that, we have to go back to October 2016 to see rates at 3.5% or below.  

Meanwhile, the Mortgage Bankers Association (MBA) is forecasting purchase mortgage originations to increase 9% in 2022 and refinance originations to decrease by 62%. Appraisal demand from generators (i.e., HELOC and private clients) is expected to remain stable to slightly declining. 

How does this impact appraisal volume? Mathematically, the MBA predictions result in a loss in demand between 30% to 35% for appraisals associated with mortgage originations. As application volume is anticipated to shift from predominantly refinance activity to purchase activity, we anticipate the demand for appraisals in the mortgage sector to decline 15% to 20% with other demand generators pointing toward stability or slightly declining.

In a recent Fitch Ratings analysis on nonbank mortgage origination outlook, analysts stated that “rising rates fueled by the tapering of Fed asset purchases and home price appreciation from the growing disparity between housing supply and burgeoning demand are also expected to contribute to lower volumes and margins into 2022.”

Appraiser supply

It is worth addressing the overall appraiser supply here as well. Analysis of appraiser credentials in the U.S. shows continued decline. According to 2021 data from the Appraisal Institute, the current number of state-issued appraiser credentials is 93,309, which is more than 3,000 fewer credentials cited in a 2019 Appraisal Institute study, which put the number of credentials at 96,856 in 2016. Attrition and supply continue to be a market concern. 

Efforts to date to bolster the ranks of credentialed appraisers has resulted in reducing the rate of decline, but decline continues nonetheless. Perhaps diversity, equity and inclusion efforts by industry stakeholders and the Appraisal Foundation’s PAREA efforts may bear fruit in the future; however, significant impacts to increase the ranks of qualified appraisers are not anticipated in 2022.  

Appraiser productivity

According to our analysis of data released by both Freddie Mac and Fannie Mae, the count of active appraisers based on mortgage activity has been mostly flat since 2018, with minor fluctuations. The rise in sales and refinancing activity in 2021 resulted in increased appraiser productivity, ranging between 50% to 100% per appraiser. 

How does this convert on a per appraiser basis? With 40,000 appraisers having their appraisal work submitted to the GSE appraisal portal, the median throughput level pre-2020 was approximately 10 appraisals per month, or 2.5 per week. From 2020 through 2021, that throughput level increased to 15 to 20 appraisals per month, or 3.75 to 5 appraisals per week.   

And while appraisers have shown they have adjusted processes to produce at a higher level of output on a weekly basis, no significant process changes are anticipated to contribute to be a drag on productivity.   

Turn times

Unfortunately, a centralized source measuring market-level appraisal turn times does not exist. Data is often limited to anecdotal experience by individual lenders, users of appraisal services and reporting by a handful of appraisal management companies. In general terms, prior to 2021, it was common for appraisals to have an average turn time between 9 and 12 days. Based on analysis of three national AMC quoted turn times on their websites, in 2021, the turn time range expanded to 8 to 21 days. Those states having the fewest number of appraisers often show the longest cycles. These numbers are in line with what we see lenders experiencing using the Reggora platform. 

While pipeline volume plays a large part in the equation, the geography and the supply of appraisers in particular markets are contributing factors and the range of turn times can vary significantly across localities within the marketplace. 

The National Association of Realtors projects 2022 home sales activity to be slightly lower than 2021. As a result, we should expect to see overall appraisal turn times improve. To keep this in perspective, a 20% decline in demand when production is 3.75 appraisals per week results in a decline of one appraisal per week per appraiser. For locations where the supply of appraisers is abundant and the appraisal process itself can be completed in a standardized amount of time, we anticipate a return to pre-2021 levels with turn times of 8 to 10 days.

In locations where there are limitations on the supply of appraisers, or the amount of time it takes to complete an appraisal is extended due to lengthy drive times and data-challenged locations, only modest gains are anticipated and extended turn times will continue to be the norm.

Of course, fluctuations will occur due to seasonality, as the appraiser supply is anticipated to remain fixed and demand is variable. If there is heightened risk of either supply side or demand side variations, then the above predictions would need to be revised. 

Appraisal fees

Due to the supply and demand crunch, appraisal fee escalations and upward pressure on fees has received much attention in 2021. As we expect market volume to drop by at least 20% to 30% moving into 2022, it is anticipated that some relief of fee pressure will occur; however, complex submarkets, complex properties and appraisals in locations deemed difficult, where the appraiser is required to expend more time on an assignment, will continue to see fee pressure. The introduction of desktop and potentially of alternative products, should also assist in helping fees to come down from their 2021 levels, but they will most likely stay elevated compared to historic norms.

GSE Appraisal Policy

Both Fannie Mae and Freddie Mac have underwriting programs that allow lenders to waive the requirements for an appraisal in certain circumstances. No or low cash-out refinance applications receive the largest share of waivers. From June 2020 through May 2021 the percentage of appraisal waivers increased, and activity averaged approximately 385,000 per month. However, when looking at waiver activity measured from January 2021 through June 2021, the data show a decline of approximately 11.5%. We expect that number to continue to decline as refinance activity slows down. 

In addition to appraisal waivers, desktop appraisals have also been a topic of conversation among the GSEs. In October, the FHFA announced that desktop appraisals, similar to what was allowable during the COVID-19 appraisal flexibilities, will be allowed as we move into 2022. We also expect desktop appraisals to replace some of the loans that were previously qualifying for appraisal waivers. Finally, we also see a possibility for the introduction of an even broader set of alternative appraisal products that incorporate new technology and processes to further address issues with turn times, racial bias and supply constraints.

Racial bias

The topic of racial bias in real estate, and in appraisal, has been a hot one. 2021 brought forward the Property Appraisal and Valuation Equity (PAVE) Interagency Task Force to address inequity in home appraisals. PAVE is required to bring forward a final action report in 2022. And while it is unknown what the final recommendations will be, PAVE’s focus is multi-pronged, and recommendations are anticipated revolving around government oversight, industry practice, consumer and practitioner education and making available high-quality data to combat racial inequality. 


There’s a lot of change happening across the industry, and the foundation for appraisal is more like sand than stone. As we head into 2022, we can expect some balancing and displacement to occur. While demand for appraisal services is anticipated to drop due to less refinance activity, we will also see increased demand stemming from fewer appraisal waivers and more desktop appraisal products. And while turn times and fee pressures are anticipated to retreat back to pre-2020 levels, there remain supply pressures, particularly in geographically challenged markets. There will also be a focus on responding to the anticipated PAVE task force recommendations, whether they be on a regulatory front or through establishing new industry practice. 

One thing is for certain: As change happens in 2022, appraisers will need to rely on their skillset to measure, analyze and navigate that change. 

The post Here are 7 trends to watch in the 2022 appraisal market appeared first on HousingWire.

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New Research Shows Declining Confidence in the Education Profession, With Educators Calling for Connection, Community and Customization

New Research Shows Declining Confidence in the Education Profession, With Educators Calling for Connection, Community and Customization
PR Newswire
BOSTON, Aug. 18, 2022

Critical insights reveal how edtech is transforming the classroom; 81% of educ…



New Research Shows Declining Confidence in the Education Profession, With Educators Calling for Connection, Community and Customization

PR Newswire

Critical insights reveal how edtech is transforming the classroom; 81% of educators say we are now closer to fully realizing the potential of technology in teaching

BOSTON, Aug. 18, 2022 /PRNewswire/ -- According to the 2022 Educator Confidence Report, released today from learning technology company HMH, confidence in the education profession has dropped for the second year in a row. An annual barometer for how educators across the country are feeling about the state of teaching and learning, today's report found more than 3 in 4 (76%) educators feel negatively about the state of the teaching profession in the U.S. The Educator Confidence Index, a measure of overall confidence (out of 100), continues to drop and now sits at 40.0—its lowest in the report's history—down from 42.7 in 2021 and 49.0 in 2020.

According to HMH's research, which surveyed more than 1,000 K-12 classroom teachers and 125+ administrators, educator retention hinges on immediate needs more than long-term developments, including improved salary and benefits, support for educator well-being and adequate funding for the classroom. Conducted between May and June in partnership with MarketCast, the report revealed three major themes for achieving success in the future:  Connection, Community and Customization.

Connection: A Digital-First Era

When it comes to technology, educators see strong connections between the teacher, student, classroom and home as the top priority. Seventy-three percent of educators report feeling technology is significantly more integrated into the classroom now than pre-pandemic, with tools to communicate between teachers and parents (63%) and tools that deliver interactive learning opportunities to students (57%) most favored among teachers. Even more, 68% of educators said edtech has become essential to the classroom.

Importantly, survey results showed that educators realize the potential in classroom technology and can visualize how it fits into their workflow. 81% report the experiences of the last two years have moved education closer to fully realizing the potential of technology in teaching. Educators are most excited about easy-to-use technology that can be used in-classroom and remotely (63%).

"We believe that the future of learning will be powered to a meaningful degree by technology yet centered on human connection, and this year's survey data gives us clear insight into how to realize that vision," said Jack Lynch, CEO of Houghton Mifflin Harcourt. "Educators are telling us that today's status quo isn't cutting it, but they also see a path to the future. Importantly, that path relies on addressing basic needs like wellbeing and mental health concerns, both for teachers and students, supported by connected technology that allows educators and focus on what matters most, human relationships."

Community: A Need for Broad Support

Educators report needing more consideration for their overall wellbeing now, with 78% of educators stating that their top concern is the mental health of their peers. The majority also need more aid in the classroom, with 64% saying they need adequate funding for classroom supplies and resources.  According to today's educators, improved salary and benefits (90%) and more support for educator well-being (67%) would make the profession more appealing to new educators.

"On top of concerns around student wellness and performance, educators are increasingly worried about their peers," said Francie Alexander, Chief Research Officer at Houghton Mifflin Harcourt. "To nurture their needs, we must invest in tools to help our educators make the connections with their networks in ways that best serve them. Parents, administrators, policymakers and community members are all needed to support teachers and foster a new generation of educators."

Customization: Personalization for Students and Educators

Data shows that educators believe the future of the classroom is personalized—for both students and teachers, with data-driven, personalized edtech solutions making it possible to meet everyone where they are. 79% of educators say customized learning based on what students know and what they need would most transform learning and teaching in the future.

With pandemic-induced interrupted learning continuing to stay top of mind in the classroom, educators said the top tools to aid sustained learning recovery were targeted instructional materials or resources (62%), followed by supplemental resources (55%). When looking ahead, 65% of educators say technology solutions that connect instruction—including supplemental and remediation work—and assessment on one platform are will transform the next era of education.

Additional key findings from the eighth annual Educator Confidence Report include:

  • Community support for teacher compensation is key for not only retention, but for the future of the profession. Concerns about teacher salaries are up 16% since 2020, and when looking forward to the next school year, a higher salary would be most motivating for educators, especially teachers (84%).
  • Teachers are looking for more appreciation, respect and "trust in their experience." When considering long-term developments to support the profession, educators want increased community support and engagement (52%) – as respect for the role of the teacher is down 26% since 2020 and a strengthening of the connection between families and schools has dipped 18% since 2020.
  • Educator and student wellbeing emerges as a top theme coming out of the pandemic. 61% of educators agree the most positive thing to come out of pandemic-era schooling is the increased attention paid to student social and emotional needs. For this reason, there is a strong agreement around the need for well-planned SEL programs (87%).

About the Educator Confidence Report
The Educator Confidence Report is an annual independent study, distributed to a diverse national cross section. The eighth annual Educator Confidence Report, underwritten by Houghton Mifflin Harcourt and conducted between May-June 2022 with MarketCast, surveyed more than 1,200 educators, including 1,058 teachers and 143 administrators.

Learn more about the 2022 Educator Confidence Report at

About HMH
Houghton Mifflin Harcourt is a learning technology company committed to delivering connected solutions that engage learners, empower educators and improve student outcomes. As a leading provider of K–12 core curriculum, supplemental and intervention solutions, and professional learning services, HMH partners with educators and school districts to uncover solutions that unlock students' potential and extend teachers' capabilities. HMH serves more than 50 million students and 4 million educators in 150 countries. For more information, visit

Follow HMH on TwitterFacebook, Instagram and YouTube.

Media Contact
Katie Marshall
Communications Manager, HMH 

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SOURCE Houghton Mifflin Harcourt

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Bank of America Awards More Than $1.2 Million to Atlanta Nonprofits

Bank of America Awards More Than $1.2 Million to Atlanta Nonprofits
PR Newswire
ATLANTA, Aug. 18, 2022

Grants to 53 organizations across region focus on basic needs, workforce development, and education in disadvantaged and vulnerable communities



Bank of America Awards More Than $1.2 Million to Atlanta Nonprofits

PR Newswire

Grants to 53 organizations across region focus on basic needs, workforce development, and education in disadvantaged and vulnerable communities

ATLANTA, Aug. 18, 2022 /PRNewswire/ -- Bank of America announced more than $1.2 million in grants to 53 Atlanta nonprofits to help drive economic opportunity for individuals and families. Grants focus on workforce development and education to help individuals chart a path to employment and better economic futures, as well as basic needs fundamental to building life-long stability.

While Atlanta's economy is recovering from the height of the COVID-19 pandemic, and Georgia's unemployment rate (2.9%) is better than the national average (3.6%), the state has also added more jobs. According to the Georgia Department of Labor, the state's jobs are at all-time high.

Employment is a key driver of economic mobility in Atlanta. That's why the bank is focused on building pathways to employment by supporting a range of workforce development and educational opportunities that will help vulnerable individuals and families stabilize and advance.

"Investing in partnerships with nonprofit organizations addressing issues like workforce development, food insecurity and affordable housing is part of our approach to driving economic opportunity and social progress in Atlanta," said Al McRae, president, Bank of America Atlanta. "This recent philanthropic investment in Atlanta nonprofits is just one way Bank of America deploys capital locally to help remove barriers to economic success and build a more sustainable community."

One Bank of America grant recipient is Georgia Justice Project (GJP). For 15 years, GJP has helped individuals clean up their criminal history to remove barriers to employment, housing and education. With this support from Bank of America, GJP will be able to help people leaving the criminal justice system become empowered members of our community.

"One mistake should not mean a lifetime without opportunity," said Georgia Justice Project's Executive Director, Doug Ammar. "This support from Bank of America will help Georgia Justice Project expand its commitment to Georgians who have been impacted by the criminal legal system and help marginalized people get a second chance. Our gratitude to Bank of America for furthering our mission to reduce crime and recidivism in our communities by empowering individuals to make positive changes in their lives."

The full list of organizations receiving grants are:

  • Asian American Resource Foundation
  • Atlanta Business League
  • Atlanta Center for Self Sufficiency
  • Atlanta Police Foundation
  • Atlanta Victim Assistance
  • Atlanta Volunteer Lawyers Foundation
  • Back on My Feet
  • Bigger Vision of Athens
  • Catholic Charities of the Archdiocese Atlanta
  • CHRIS 180
  • City of Refuge
  • Clark Atlanta University
  • Communities in Schools of Atlanta
  • Cristo Rey Atlanta Jesuit High School
  • Dalton State College Foundation
  • East Lake Foundation
  • Families First
  • Family Promise of Hall County
  • Food Bank of Northeast Georgia
  • Genesis Joy House Homeless Shelter
  • Georgia Justice Project
  • Georgia Mountain Food Bank
  • Grady Health System
  • Grove Park Foundation
  • Jonathan's House Ministries
  • Junior Achievement of Georgia
  • La Amistad
  • Latin American Association
  • Local Initiatives Support Corporation
  • Meals on Wheels Atlanta
  • Must Ministries
  • Nana Grants
  • Open Hand Atlanta
  • Partnership Against Domestic Violence
  • Per Scholas
  • Saint Joseph's Mercy Care Services
  • Shelters to Shutters
  • Strive International
  • Teach for America
  • The Posse Foundation
  • The Summit Counseling Center
  • The Urban League of Greater Atlanta
  • Trees Atlanta
  • United Negro College Fund
  • United Way of Greater Atlanta
  • University of Georgia Research Foundation
  • Urban League of Greater Columbus
  • Urban Health and Wellness
  • Women in Technology
  • Women Moving On
  • Year Up
  • Young Men's Christian Association of Athens, GA
    - Young Women's Christian Organization of Athens, GA

Since 2017, Bank of America's nearly 5,000 Atlanta teammates have contributed over 255,000 volunteer hours and $30 million in grant support to organizations in metro Atlanta. These investments are part of the company's commitment to responsible growth to improve the financial lives of individuals, families, and communities across the state.

Learn more about Bank of America's Philanthropic Strategy

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Reporters may contact:

Matthew Daily, Bank of America   
Phone: 1.404.607.2844

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SOURCE Bank of America Corporation

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PR Newswire
WASHINGTON, Aug. 18, 2022

OAAA OOH Ad Revenue Report Also Shows Q2 2022 Up 28.9% YOY
WASHINGTON, Aug. 18, 2022 /PRNewswire/ — …




PR Newswire

OAAA OOH Ad Revenue Report Also Shows Q2 2022 Up 28.9% YOY

WASHINGTON, Aug. 18, 2022 /PRNewswire/ -- Out of home (OOH) advertising revenue increased 28.9 percent in the second quarter of 2022 compared to the previous year, accounting for $2.62 billion, based on figures released by the Out of Home Advertising Association of America (OAAA). These Q2 revenues are roughly equivalent to pre-pandemic highs, when Q2 2019 OOH revenues totaled a record-breaking $2.69 billion. Year-to-date through June, OOH revenue is now at $4.43 billion, and up 33.4 percent compared to the same period in 2021 – in line with the first half of 2019, at $4.47 billion.

The digital OOH format led total OOH growth with a 37 percent increase over second quarter 2021. The Billboard and Street Furniture categories increased double digits, while the Transit and Place-Based categories rose triple digits reflecting a strong pandemic recovery.  

"This is a watershed moment – with OOH revenues nearly matching historic, pre-pandemic highs," said Anna Bager, President and CEO, OAAA. "I am confident that these gains will continue. Recent Comscore research found that OOH delivers tremendous value in comparison to other channels, so we are in a good position to continue this momentum, despite any economic headwinds."

Eight of the top ten product industry categories increased double digits led by Public Transportation, Hotels and Resorts industry category at a 56.5 percent jump, which reflects recent reporting of increased consumer spending on services. The next four best performing industry categories all increased more than 30 percent, and included Financial, Media & Advertising, Government Politics and Organizations, and Schools Camps and Seminars.

Specific segments which were top revenue performers within the product industry categories, ranked by total OOH ad spend, included):

  • Hospitals, Clinics & Medical Centers +13%
  • Legal Services +18%
  • Quick Serve Restaurants +20%
  • Consumer Banking +36%
  • Domestic Hotels & Resorts +35%
  • Local Government +20%
  • Colleges & Universities +29%
  • Real Estate Agents, Agencies & Brokers +39%
  • Computer Software (excluding games & education) +321%
  • Food Stores & Supermarkets (chain) +13%

Ranked in order of OOH spending, the top 10 advertisers in the second quarter were McDonald's, Apple, Geico, Universal Pictures, Anheuser-Busch, American Express, Amazon, HBO, Dunkin, and T-Mobile.

Almost four in five (78%) of the top 100 OOH advertisers increased their OOH spend from Q2 2021, and over a quarter (27%) more than doubled their spend. Advertisers on this list who did not spend in Q2 2021 included: Capital One, Expedia, IHG, Canada, and Thirty Madison.

Over 20 percent (22) of the top 100 OOH spenders were technology or direct-to-consumer brands, eight were quick service restaurants brands, and seven were healthcare related (providers or insurers).

OAAA issues full industry pro forma revenue estimates that include, but are not limited to, Miller Kaplan and Kantar Media (which is not adjusted to reflect changes in data sources), and member company affidavits. Revenue estimates include digital and static billboard, street furniture, transit, place-based, and cinema advertising.

For detailed charts, go to and

About the OAAA
The Out of Home Advertising Association of America (OAAA) is the national trade association for the $8.6 billion U.S. out of home advertising (OOH) industry, which includes digital out of home (DOOH), and is comprised of billboards, street furniture, transit advertising, and place-based media (including cinema).

OAAA is comprised of 800+ member media companies, advertisers, agencies, ad-tech providers, and suppliers that represent over 90 percent of the industry. OAAA is a unified voice, an authoritative thought leader, and a passionate advocate that protects, unites, and advances OOH advertising in the United States.

OAAA-member media companies donate over $500 million in public service advertising annually. Every year, the industry celebrates and rewards OOH creativity via its renowned OBIE Awards ( For more information, please visit

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SOURCE Out of Home Advertising Association of America

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