Capuano Appraisal Services blog

Finally!  There is legislation in congress that may end the HVCC code.   Although that is good news, this still needs to be finalized.   The better news in the new Financial reform laws is that the Appraisal Management Companys will be regulated just like everyone else in the business.  This will prevent unlicensed, unqualified reviewers at the AMC's.  Also, they are putting new language in the code that will prevent AMC's from low balling the appraisers fees.  AMC's will have to pay customary and reasonable fees for all appraisals and this must be decided from third party sources.   AMC current fees will not be allowed when calculating what is customary and reasonable.  This will be the end of the rediculously low fees that AMC use to take advantage of desperate appraisers trying to stay in business!  If this code go's through, the fees paid to appraiser should increase dramtically and the fees paid to AMC's should decrease.   Currently the AMC's are taking money directly out of the appraiser fee for their services.  This has always not been fair because the appraiser is getting paid less for doing the same if not more work.  Now AMC's will have to price their services based on what they are worth!!  Lets see how much money they can get to place an order.   Certainly not the equivilant of 1/3 of the appraisal fee!!  I will update the blog as the bill passes and will be sending out bulk marketing to keep everyone informed.