Action | Initial Appraisal Management Company Regulations |
Stage | Proposed |
Comment Period | Ended on 3/28/2014 |
As an independent Fee Apprqaiser I feel that it is about time to start regulating the AMC community. They do not desire to accept quality unless it is a by-product and they do not want to pay reasonable or customary fees for the work they purchase. They often hold on to the fee until the appraiser threatens them with legal action. Which is absolutely un-called for. They repeatedly ask for a response to an order within two hours - inspect the property within 24 hours and have the report back within 48 hours. And nowhere is there any indication that the goal should be to provide the clearest and best possible opinion of market value. We are regulated by Virginia - The AMC's doing business in Virginia need regulation. It appears that the Louisiana model would be a good one to follow and bring some accountability to out-of-control AMC's.