Amc Directory Lists Working With Appraisal Management Companies

In the last year, there have been many changes that real estate appraisers have had to adapt to

. Due to new rules laid out by the HVCC, appraisers have lost a lot of the regular business, and have had an extremely hard time finding new business with appraisal management companies, or AMC's.

The changes that took place in 2009 include new rules that state appraisals can no longer be directly ordered from lenders and banks. These banks and lenders, if funded with money from Freddie Mac or Fannie Mae, have to use an independent third-party to do the appraisals. The rule is made to keep lenders and banks from communicating with the appraisers. This process is set up to be done in one of two ways.

The first way is by the bank or lender establishing a completely separate department for the appraisal process, where the lender and appraiser have no communication. The second way is by using an independent, third-party appraisal management company.

The appraisal management company's function is to take the appraisal orders from the lenders or banks, pass them to appraisers and then send the appraisals back when the job is done. This is set so that the appraisal management company acts as a barrier or wall between the appraiser and lender.

It is an appraisers job to work with a bank or other institution of lending through the appraisal management company. If the appraiser goes directly to a large bank or institution of lending using an AMC, there is a good chance that there will be a lot of work to be had. For the appraiser's that have not chosen to use appraisal management companies, they may not be so fortunate. They may wait in vain for a trickle of work from independent banks and private estates.

With the situation as it is, many appraisers have left the business. Other would-be appraisers never started or did not finish their training. For the appraisers that are still in the business, and that want to make a strong source of income for themselves, there are some options they can try.

The first option would be for the appraiser to list with as many appraisal management companies as possible. The majority of appraisers are only listed with between 10 to 12 companies. Currently, there are well over 300 of these AMC's all over the nation. The more appraisal companies that an appraiser signs up with, the better chance he or she has of gaining steady employment. The next step to take would be marketing any appraisal skills or previous knowledge to local CPA's and attorneys. There is usually a good amount of work to be found with them. Another step they can be taken would-be to check with banks that do not accept federal funding. These banks are still allowed to deal directly with appraisers, due to the lack of federal funding. Finally, in order to gain more exposure, an appraiser can become a member of area lending groups. Some lenders actually prefer this because they like to know who they are working with.

An appraisal that wants to take the first step in securing his or her financial future in the appraisal industry can sign up for listings online. These online listings can supply appraisers with information on appraisal management companies.

Although the appraisal industry has changed, there's still money to be made for the dedicated appraiser that needs to support his or her family, or that wants to maintain a comfortable standard of living.

by: Ann Williams

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