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TH E M R EP O RT | 31 FEATURE a more unified licensing structure and supervisory system across the states, which would also reduce inconsistencies across state laws and regulations. An NMLS-like structure would provide better coordination among regulators and allow for a more straightforward flow of informa- tion by providing a single stop to access data. Regulators could use one uniform database for apprais- ers across states. In contrast, in the current regulatory structure, each state operates with different systems and requirements. For example, many states now require background checks for apprais- ers without a central processing or management system. While the NMLS has one-stop shopping for background checks, apprais- ers—who often work in more than one state—are forced to navigate a patchwork process that increases costs for lenders, consumers, and appraisers. Instituting an NMLS-like regulatory structure would benefit appraisers, mortgage lenders, and consumers by making the ap- praisal process more efficient and allowing more appraisers to work and share information across states. In turn, this would increase access to qualified, licensed appraisers and decrease costs for the small business appraiser. A streamlined structure could prevent some of the looming problems that lenders and consumers may have to face if housing demand continues to rise but the regulatory system and its burdensome, duplicative require- ments are not addressed. Appraisers are not the only profession calling for appraisal modernization. Real estate brokers, mortgage lenders, homebuild- ers, and others have expressed to Congress the need for a change to the federal regulatory struc- ture. Specifically, these groups have asked Congress to examine the current appraisal regulatory framework, appraisal information systems, the impact of recent regu- latory reforms on the valuation profession, and the availability of qualified appraisers, particularly in rural areas. While all stakehold- ers don't necessarily recommend the same solutions, they do see the same problems. And they acknowledge that Congress is well placed to address the need for appraisal modernization head-on to reduce the burden on the real estate and finance industries. To reduce these challenges and provide benefits that reach well beyond the appraisal profession and to mortgage originators and the homebuyers they serve, it's crit- ical that Congress move to adopt a structure like the NMLS for the appraisal profession. Ultimately, consideration must be given to the impact on consum- ers, who are making the most important purchase of their lives, and whether proposed changes improve safeguards or increase risks. STEPHEN S. WAGNER, MAI, SRA, AI-GRS, of West Lafayette, Indiana, is the 2019 President of the Chicago-based Appraisal Institute, the nation's largest professional association of real estate appraisers with more than 18,000 professionals in nearly 50 countries. He is a Senior Appraiser with Terzo & Bologna, Inc., in Indianapolis. SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport

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