AMC's Need to be Regulated!!!

In the past 4-5+ years a new industry has been developed to manage appraisal ordering for lenders throughout the country.   These companies are known as Appraisal Managment Companies...
In the past 4-5+ years a new industry has been developed to manage appraisal ordering for lenders throughout the country.   These companies are known as Appraisal Managment Companies.   In fact a large portion of appraisal work is now being ordered by AMC's within the state of Vermont and throughout the country.  These companies are subcontractors of appraisal services and are paid an additional sum above an appraisal fee by a lender for their services.  They promise lenders that they will manage the ordering, do quality review and make payments for appraisal services.  They claim they are an independent third party able to provide unbiased appraisal ordering services and review to better insure minimal risk for the lender.  Currently these companies have been unregulated in most states throughout the country.  The Vermont Assoc. of Professional Real Estate Appraisers and our state Appraisal Board are hearing many complaints about the AMC's operations and their qualifications.  Some of which include 24-48 hour delivery time,  forcing appraisers to reduce their fees or be removed from their appraiser list,  pressure appraisers to meet needed values and many other issues that may adversly affect the quality of appraisals.  Proposed regulations are being developed by our Appraisal Board at this time.  In order to get a clear view of the problems and issues with AMC's we have included a survey that we are asking all appraisers to fill out and return to akbernie2@vermontel.net.  We will anylize the total results, share the information with you and forward the findings with recomendations to the Vermont Appraisal Board.  It is our time to speak up so they can consider this information in developing regulations.  Please note that this survey was developed by the MBREA.  To find the survey please click here. Once you have completed and saved the survey, please email it to dlemire@greenmountainappraisals.com

Thank you!