Action | Initial Appraisal Management Company Regulations |
Stage | Proposed |
Comment Period | Ended on 3/28/2014 |
I support implementing minimum requirements and supervision of appraisal management companies. While there are some efficient and fair AMC's working in Virginia, there are far too many that pay the appraiser much less and cut corners to beat the competition. These companies take full advantage of hard working appraisers by paying low fees and placing undue pressure on the appraiser in the form of quick turn times, that result in below average quiality of appraisals. AMC regulation should be implemented to ensure a reasonable and customary fee which will result in higher quality and more credible appraisals.