Due to the shortage of appraisers in Portland, Oregon
(and other places around the country), appraisers are bombarded with requests from Appraisal Management Companies (AMCs) requesting that they fill out mountains of forms; provide copies of identification, licenses, and insurance; submit to background checks,
provide examples of work; and apply to be on the AMC’s roster of appraisers. So how do appraisers know if the AMC will be a trusted client? How do appraisers know if the AMC will treat them fairly? Will appraisers be confident that private information will
be safe? The AMCs vet appraisers, but do appraisers screen AMCs? Perhaps appraisers need to scrutinize AMCs just as diligently before doing business with them. Here is a list of seventeen things appraisers could do before signing up on that next AMC roster.
I hope that you find this list helpful even though it is written partly in jest. My goal is to elicit thought and discussion about the imbalance of power and liability in our industry as
it relates to appraisals done for AMCs and lenders. Remember that if an AMC fails in parts of your vetting process, the appraiser could charge a complex
client fee to account for the shortcomings. If you missed my interview with The Appraiser Coach Dustin Harris, about my blog and how our business focuses on non-lender (non-AMC) type appraisal work,
Did I leave anything out or do you want to join in the conversation? Let me know in the comments below.
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