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Follow on Google News | Are Appraisal Management Companies (AMCs) Paying "Customary and Reasonable Fees"?Introducing the new breed of Appraisal Management Company(AMC), one who has both satisfied clients and appraisers.
By: AppraisalPro The "bad apple" AMC's out there earned a dismal reputation early on for undercutting and driving down appraiser fees, while keeping a larger portion for themselves. Enter a NEW BREED of AMC. The appraiser "friendly" AMC. A new category of AMC's began arising out of the ashes of the old system. These AMC's were run quite often by appraisers themselves. These new AMC's came out with the idea that Appraisers were the industries best friend, and should be treated with both respect and paid reasonable fees. In turn, these new AMC's began to have both satisfied appraisers and clients. The end result of treating clients and vendors with equal amounts of respect. The topic is still a sore point with many appraisers - especially after the collapse of some larger national AMC's who left their appraisers holding the bag. Based on workingRE.com’ Example Survey Question to Appraisers: *You are receiving what you consider to be “customary and reasonable fees” (CFRs) from AMCs for appraisal assignments: Hardly ever/never: 56.2% Sometimes: 25.8% Don’t accept AMC work: 9.5% Always/Often: Unsure/don’t know: 1.7% As a lender, do you know if your AMC is paying their appraisers a true “customary and reasonable” fee? If you aren’t using an AMC currently, be sure to include this question during your AMC interview, so your lending institution is partnered with an appraisal management company who has a solid reputation with their appraisers. Appraisers deserve to be compensated fairly and timely for their work. And a happy appraiser, often times means a good report, and a happy lender. Find an AMC, who prides themselves with being fair to both our client partners and vendor partners. A quality product starts with a quality agreement with both the client and vendor. There should be no fuzziness to the interpretation of “customary and reasonable fees” with an Appraisal Management Company. Appraisers deserve to be paid a fair wage for their professional work. If your AMC is abiding by these solid business principles, give them a pat on the back….they are out there bucking the trend - AND protecting YOUR interests ! If you would like more information about this topic, please visit www.appraisalpro.com or contact Carrie Lenzen at AppraisalPro at 336.993.1777 or email Carrie@appraisalpro.com End
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