The Advantages of Using an AMC
Two Appraisal Management Options:
Banks/lenders create an in-house appraisal/evaluation management and review department at their own expense. This department not only has to separate the appraisal/evaluation order process from the loan process, but they also have to review each appraisal/valuation to ensure it meets USPAP and Appraisal Standards.
Banks/lenders order appraisals and evaluations through an appraisal management company (AMC), with the AMC fee being passed on to the borrower.
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Additional Reasons To Use An AMC
AMCs help ensure that banks are getting the most qualified and accurate appraisals/valuations from their appraisers. Asset quality is the foundation of solid and profitable mortgage lending, so this is a crucial area where appraisal management companies can benefit lenders.