Comments on: Virginia Enacts New AMC Law

By: Baggins

Baggins — Tue, 31 Jul 2012 22:42:15 +0000

If fee disclosure is optional, the appraisers who provide the amc the most profit by reducing the fee the most, in order to be the preferred appraiser, probably won’t be volunteering that information within their reports. Without mandatory disclosure of fees, the thing of value argument will continue to fly under the radar. So appraisers in one state will enjoy more protection than appraisers from other states, even though they both engage the same national companies? Now is the winter of our discontent made glorious summer by this son of York.

By: Retired Appraiser

Retired Appraiser — Fri, 06 Jul 2012 21:23:59 +0000

In reply to SuretyBonds.com via Facebook.

“It won’t be long before AMCs in all states will be regulated more carefully”.

Oh goody…at least states can rake in some cash from those in charge of collecting fees from appraisers each month (AMCs).

As an appraiser do you really care if these mob freaks are regulated or do you want someone to force them to pay full fees? I am puzzled over why so many appraisers are all giddy over the fact that their state figured out a way to take a cut from those who are taking a cut of YOUR FEES.

By: Retired Appraiser

Retired Appraiser — Tue, 03 Jul 2012 22:55:36 +0000

As an appraiser who “chooses” to disclose the full fee within the appraisal report; how long would you anticipate remaining on a particular AMC’s approved list?

My guess is 30 seconds after they discover what you’ve disclosed to the lender and the borrower.

If this is the best states can come up with I would suggest that they take up golf rather than trying to help appraisers. USELESS!!!

By: Desiree Mehbod via Facebook

Desiree Mehbod via Facebook — Tue, 03 Jul 2012 21:49:51 +0000

No Chris, this law became effective July 1, 2012. Where did you get 2014?

By: TD

TD — Tue, 03 Jul 2012 21:45:15 +0000

A state you left off of the list that has implemented AMC legislation; North Carolina; as of January 1, 2011. They are overseen by our NC Appraisal Board.

By: Chris Colston via Facebook

Chris Colston via Facebook — Tue, 03 Jul 2012 20:34:06 +0000

That would be July 2014! Not this month or even this year.

By: Desiree Mehbod via Facebook

Desiree Mehbod via Facebook — Tue, 03 Jul 2012 15:48:13 +0000

VA is the 10th state according to this article…. better late than never 🙂

By: Chris Colston via Facebook

Chris Colston via Facebook — Tue, 03 Jul 2012 15:43:20 +0000

There are 23 states ahead of Virginia. They ate actually late to the party.

By: SuretyBonds.com via Facebook

SuretyBonds.com via Facebook — Tue, 03 Jul 2012 15:04:50 +0000

Virginia AMCs now need to get surety bonds, too. It seems the bond requirement trend is spreading to other states. It won’t be long before AMCs in all states will be regulated more carefully.

By: Desiree Mehbod via Facebook

Desiree Mehbod via Facebook — Tue, 03 Jul 2012 14:16:56 +0000

Time to disclose the AMC fees in your reports Virginia appraisers!