Open Letter to AMCs
AMCs have failed the appraisal profession, the financial industry and the consumer
Dear AMC,
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.
Sincerely,
The Appraisal Profession
Postscript 10/3/2016
The letter can now be signed by individual appraiser here.
Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
Latest posts by VaCAP Board (see all)
- It’s Just Responsible Journalism! - February 21, 2024
- Limitations for Damages Against Appraisers - January 9, 2024
- AMC Engagement Letter: Appraisers Do Not Include Your Invoice - July 28, 2023
Image credit flickr - Jukka Zitting
I do not agree with these statements because this is just one side of coin and it has biased accusations.
First of all –
1.The use of an AMC is not required by any federal or state law.
– Yes but with AMC it gives more convenience and comfort for mortgage company and appraiser
2.The use of an AMC has not protected the consumer.
– It does because AMC make sure that the project is done at the right time and provide accurate results.
3.The use of an AMC has failed to protect public trust.
– I totally disagree on this because how can you say that it’s not for public trust where infact AMC values the feedback from the appraiser, customer and the mortgage company. It ensures that the project is done correct.
And I thank you.
You either own an AMC or have never conducted business in the capacity of an appraiser as your responses lack merit. You are either misinformed or a troll.
A search of the ASC National Registry shows no one with the last name “Rivera” ever holding appraisal credentials.
1. Whether or not it’s required, lenders refer to the AMC. and from my banking friends, it really isn’t more convenient.
2. The only thing most AMC’s are concerned with is making sure the numbers fly, not whether or not the consumer is protected. I just revied an appraisal where the value came in over the sales price by $5,000, guess what, the true value was $20,000 less than the appraised value and the AMC was not happy with the results.
3. my answer to 2 above also covers this remark.
I have been appraising over 45 years and never had any problems working directly with lenders, they were happy, the clients were happy, and I never MADE THE NUMBER to make it fly.