Appraisers to Comment on AMC Registry Fees
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AMC Registry Fees not be passed on to the appraiser…
The Appraisal Subcommittee is accepting comments on the proposed rulemaking to implement the collection and transmission of AMC registry fees.
VaCAP has submitted a letter in support of the registry of AMCs by the ASC and is strongly advocating in the rulemaking that the registry fees not be passed on to the appraiser or consumer.
We encourage each appraiser to provide comments to the ASC. Comments are closed on July 19, 2016, so please comment NOW.
Post your comment here. Comments must be submitted by 07/19/2016 at 11:59 PM
As of this submission, there were 42 comments submitted. Thank you to all Virginia Appraisers who submitted comments!
Excerpt of VaCAP’s letter:
Most AMCs operate on the premise of “fast and cheap.” The typical practice is for an assignment to be email / text blasted to every appraiser on the AMC’s panel. The first to accept receives the assignment. The consumer is unaware this is happening and in many cases the consumer is unaware an AMC is involved at all. In this scenario, the AMC has not done any research of the subject property, and in most cases, is unfamiliar with the locality in which the property is located. If the “Appraisal Management Company” is to manage the appraisal process, shouldn’t identifying the basic information on the subject property be the first step? The first appraiser accepting the assignment that was blasted to every appraiser may not be experienced nor competent to appraise that property type and thus the consumer is harmed.