Action | Initial Appraisal Management Company Regulations |
Stage | Proposed |
Comment Period | Ended on 3/28/2014 |
As a state certified residential appraiser,with over 9 years in the industry I fully support the regulation of all Appraisal Management Companies in the state of Virginia. Furthermore, I would also like to see the implementation of regulating "customary and reasonable fees" for all Appraisal Management Companies as well (as recently passed in the state of Louisiana).Appraisers are asked to a daily basis to accept fees that are inconsistent with the amount of work required to produce credible reports, then they are pressured by AMCs to produce the report is a time frame that pressures appraisers. Appraisers deserve to be compensated for the quality of their work (just like any other profession), not by how quickly they can turn around an assignment and/or how low of a fee they are willing to accept an assignment for. Thank