Hybrid Appraisals in Alabama

Asteroom commissioned MtgeFI to study how the use of hybrid appraisals in Alabama may alleviate increases in traditional appraisal turn times and fees from reduced appraiser capacity.

Less active residential appraisers (= lower supply) has the same impact as higher mortgage refinance activity (= higher demand). But when do changes in the relative supply and demand start to impact lenders and borrowers with delayed closings and significant fee escalations?

Nationwide Appraisal Performance 

MtgeFi has published research showing the nationwide average turn time increased from 7.4 business days in early 2019 to 13.5 business days at the height of refinance activity in 2021. At peak volume in 2021 the national average was 21.8 appraisals completed per unique appraiser per month, with 39,600 active residential appraisers.

In 2021, the number of traditional appraisals ordered (excluding appraisal waivers) was 9.0 million, an increase of 29% from 7.2 million in 2019. According to Freddie Mac Appraisal Capacity monthly reporting, the number of active residential appraisers peaked in 2021 at ~39,600. In 2026, the number of active residential appraisers is ~30,000, a decline of 24% in just 5 years.

Traditional Appraisals in Alabama

In 2025 there were 617 licensed & certified residential appraisers in Alabama, and an estimated 524 are currently active in residential mortgage. In 2021, when average turn times reached 13.2 days, the average number of appraisals completed per active residential appraiser per month was 8.8.

In 2025, the last full year of analysis, the average number of appraisals completed per active residential appraiser per month was 5.7. This has increased marginally from 5.4 in 2024, as the number of appraisals has increased, and the number of active residential appraisers continues to decline.

Hybrid Appraisals in Alabama

So how could using hybrid appraisals in Alabama help address delayed closings and fee escalations?

• Hybrid appraisals utilize trained property data collectors to complete a Uniform Property Data (UPD) report
  
  • Asteroom property data collectors are real estate professionals, such as brokers, agents and notaries
  • A Uniform Property Data (UPD) report is used by an appraiser to complete the hybrid appraisal, and with Asteroom includes a full property 3D scan, floor plan with measurements, photos and data

• Hybrid appraisals in Alabama can be completed faster and more consistently
  • Current Asteroom turn times in Alabama for purchase is 4.2 days and refinance is 3.2 days
  • Appraisers, working from their office, take 24 hours or less to complete the hybrid appraisal
    

• Appraisal fulfilment models
  • Asteroom supports 80+ nationwide AMCs who deliver hybrid appraisals
    • Many AMCs outsource property data collection and UPDs from Asteroom
  • Additionally, Asteroom works with lenders to support 'direct-to-appraiser' (aka direct engagement)
    • Lenders can order UPD reports directly from Asteroom and provide to their panel appraisers