AMC appraisal management companies are the main process by which appraisers now get orders that are funded by FannieMae and FreddieMac, and soon, FHA as well. There are still many ways to get orders outside of the typical lending institutions, although it does take more effort from the appraisers to get them.
The new 2009 HVCC rules state that all appraisal transactions backed by federal funds must be ordered through AMC appraisal management companies. Most appraisers know this, as well as the fact that FHA is soon to follow beginning in 2010.
What can an AMC appraisal management company do for you?
While there has been many bad experiences with AMC appraisal management companies, there are many appraisers that have great experiences, too. AMC's are as varied as the number of them out there. Do some homework and put in the effort to sign up with as many as possible. I have heard a group of appraisers try out the same management company with completely different results. The only way you can truly know how an AMC is going to work is by giving them a chance. For me personally, I know AMC's can give you the bulk of your work and then you are able to supplement with other types of appraisals.
What work can you get outside of an AMC appraisal management company?
While the bulk of your work will come from AMC's, other work can be obtained through CPA's, attorneys and personal estate appraisals. If you are one of those appraisers that had work coming to your door and you never had to market, this part of the process can seem daunting at first. Marketing your appraisal business would encompass a website that is ranking in the top ten for your area, email and snail mail campaigns and door to door marketing. If you don't like the idea of cold calling, join some organizations that were established for just that purpose, such as your local chamber of commerce. People like to know who they are dealing with, and a timely introduction can bring in a significant amount of work just through word of mouth.
What if You Don’t Work for AMC appraisal management companies?
Not to be extreme, but if you choose not to work for AMC’s, you may lose your business completely. I have seen many appraisers go out of business because they didn’t want to work for AMC’s. If you have another career lined up that will pay your bills, than I say “go for it!”, but if you are like most appraisers, appraising is all you know. You are going to have to learn a whole new career, which many appraisers can not or will not do, mainly because of funds.
Don’t Wait! Signing up with a complete list of AMC appraisal management companies will give you the greatest chance of bringing in quality business.
HVCC Frequently Asked Questions (FAQs)
In order to curb some undesirable effects of the residential appraisal process Fannie Mae adopted an agreement that went into effect May 1, 2009. This article includes the frequently asked questions about the new HVCC ruling.
Signing Appraisal Management Company Contracts
When the HVCC rules came into effect in mid 2009, appraisers learned quickly that working with appraisal management companies wasn’t an option, but a necessity. Although there are many small “here today, gone tomorrow” amc’s, the larger companies were well prepared with their legal contracts and processing software to bring in and maintain thousands of appraisers nationwide.
Top 5 Reasons to Buy an Appraisal Management Company List
With the new HVCC rules coming into affect in mid 2009, appraisers found out very quickly that working for appraisal management companies wasn’t an option, but necessary to stay in business. Finding these appraisal management companies can become very tedious and frustrating. This article will give you the top 5 reasons to buy an appraisal management company list or directory.
