Open Letter to AMCs
AMCs have failed the appraisal profession, the financial industry and the consumer
Thank you for your interest in our profession. The trial period we have conducted is over and the appraisal profession has determined your services are not needed. The reasons for our decision are as follows:
- The use of an AMC is not required by any federal or state law.
- The use of an AMC does not provide any benefit to the appraiser.
- The use of an AMC does not provide any benefit to the consumer.
- The use of an AMC has not protected the consumer.
- The use of an AMC has failed to protect public trust.
- The use of an AMC has increased the cost of the appraisal to the consumer.
- The use of an AMC has decreased the income of the appraiser, thereby harming local economies.
- The use of an AMC has increased the turn time for the delivery of the appraisal.
- AMCs operate on a fast and cheap model which has deteriorated the quality of appraisals.
- AMCs have caused undue stress on the appraiser by demanding constant updates.
- AMCs hire unqualified employees that lack comprehension of the appraisal process.
- AMCs have caused a great number of experienced appraisers to discontinue completing appraisals for financial lending purposes.
- AMCs have failed to provide any benefit to the appraisal profession, the financial industry, or to the consumer.
Again, we thank you for your interest in our profession and wish you luck in future endeavors. Your services are no longer needed.
The Appraisal Profession
The letter can now be signed by individual appraiser here.