Capuano Appraisal Services blog

Okay.  The financial reform bill has passed.  I will be giving more details as soon as they are out.   This should mostly effect low paying AMC's.   They will now be forced to pay the proper rates for appraisals.  They will NOT be allowed to use previous AMC rates as a guideline.  They must use Third Party resources for the fees.   Currently, a la mode software shows the typical rate  in the Northern Virginia market area for a Conventional appraisal to be around $400.  The other huge thing is that AMC's will need to become licensed in the states and regulated by the states they service.  This should go a long way in getting rid of the bad AMC's that make a living by squeezing money out of honest hard working appraisers.   

Please note that I work with many honest and fair AMC's that do not gouge the appraisers they work with.  In fact, they are the only ones I do business with.  As an experienced appraiser, I do not currently take work from low ball AMC's.    

 This new law will mostly effect the bad AMC's who are extorting appraisers for their own gain.  If the AMC's do not comply, they can be fined $10,000 per day.  

The above text is my interpretation from reading the bill.  I will send out a mass e-mail to my clients once the details and time lines are better understood.