AMC law - Appraisers Blogs

AMC Liability for Deficient Appraisals

Peter Christensen — Mon, 17 Feb 2020 13:30:52 +0000

…may AMCs be liable for the deficient work of contractor appraisers? Can AMCs be sued for negligence? Can they be sued by borrowers?.. It’s now been a decade since the market relevance of appraisal management companies surged in connection with the procuring of appraisals for residential lending. Since then, interesting recurring legal issues have arisen relating to AMCs’ potential liability for the work of contractor appraisers: when and how may AMCs be liable for the deficient work of contractor appraisers? Can AMCs be sued for negligence? Can they be sued by borrowers? Here’s an overview of the answers to these...

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NY AMC Law Sends Shockwaves

Jonathan Miller — Wed, 01 May 2019 12:30:45 +0000

Back on April 19th, I wrote about the New York AMC law in my Housing Notes newsletter. After years of AMCs chipping away at the public trust, the New York AMC law was designed to protect the consumer. The bill summary was: Relates to the registration of real estate appraisal management companies or an individual or business entity that provides appraisal management services to creditors or to secondary mortgage market participants including affiliates by the department of state. Last week, AppraisersBlogs ran it as a standalone post and I got a lot of feedback. To be clear, the bill was...

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REVAA No Fan of the New NY AMC Law

Jonathan Miller — Fri, 26 Apr 2019 12:30:31 +0000

The NY State Coalition of Appraisers wants you to to know that there is a new AMC law coming into effect at the end of the month and REVAA doesn’t like it. Last December New York State Governor Andrew Cuomo signed Senate Bill S9080 into law, effective at the end of this month. REVAA‘s biggest concern is that it requires all valuations to be performed by appraisers AND invoices must be attached to the report so the consumer knows what the appraiser was paid. This is groundbreaking for our industry. Let’s hope that the word spreads and the consumer is...

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Is this the END of USPAP?

VaCAP Board — Fri, 08 Apr 2016 12:30:56 +0000

Non-USPAP States – Is this the END of USPAP? I recently got an email from an appraiser I have high regards for. He asked me a simple question that got me thinking. It was: “Why don’t a group of appraisers get together and form an AMC?” I found that an interesting concept. It has been done. Coester was an appraiser and now he is just an AMC. Allen Hummel, an Appraisal Institute icon, has an AMC. Why not? We know it better than anyone. But the devil is in the details. Appraiser’s liability for mistakes or omissions in this appraisal...

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We Need More Appraiser Drivers!

Michael Ford — Tue, 15 Mar 2016 12:30:00 +0000

Powerful ‘uncles’ gave us the vehicles, but we need more drivers! Stand up for yourself and oppose those things that are wrong in our own profession and the related lending industry. Oregon: Teach THEIR Board USPAP! Seriously. They were trying to fine people for not meeting turn times, as a USPAP violation! TWENTY FOUR PER CENT of the AARO (Government Regulatory Officials) members they contacted for advice ALSO thought the same way! ...New Jersey, Minnesota, Illinois and how many others: Ongoing reports, and evidence, of punitive mindsets rather than protective of the public views. They are using fines to balance budgets...

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