Episode 066 - Dealing with AMCs
Frustrations with appraisers continue to mount up. Most of the time it is likely not warranted, but every once in a while you get a “bad” appraisal. One of the causes of that might be the party ordering the appraisal and that process.
AMCs (Appraisal Management Companies) serve a function, but they have some issues. In this episode, B talks about what an AMC is, what they do, and what they might not be doing. Enjoy!
SHOW NOTES
- 01:06 – AMC stands for Appraisal Management Company.
- 01:40 – Company that manages the appraisal process for the lender.
- 02:25 – Lender must be disconnected from the appraisal process. Illegal activity was happening prior to changes.
- 04:08 – AMCs tend to hire the cheapest contractor (appraiser). Usually, you get what you pay for.
- 05:06 – Payments to appraisers are not always transparent.
- 06:33 – Appraisers that are not from the same area. Do they have geographic competency.
- 07:47 – What can an agent do? Ask lender how they are ordering the appraisal. Are they using an AMC?
- 08:32 – Some lenders do not use an AMC. They use an appraisal panel.
- 09:55 – Good appraisers typically do not like AMCs, they like to be on appraisal panels.
- 11:20 – Get what your client is paying for: a quality report and analysis.
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