Virginia Regulatory Town Hall
Agency
Department of Professional and Occupational Regulation
 
Board
Real Estate Appraiser Board
 
chapter
Appraisal Management Company Regulations [18 VAC 130 ‑ 30]
Action Initial Appraisal Management Company Regulations
Stage Proposed
Comment Period Ended on 3/28/2014
spacer
Previous Comment     Next Comment     Back to List of Comments
3/25/14  8:37 am
Commenter: James Burok, Sinnen-Green & Associates

AMC Regulation
 

I fully support the regulation of Appraisal Management Companies in Virginia.  In my experience, I have seen these companies take full advantage of hard-working appraisers by paying low fees and placing undue pressure on the appraiser in the form of quick turn times.  When you combine these factors, nothing but below-average quality appraisals can result.  This is not the case for all AMCs in the industry, but it is certainly the majority and not the exception.  Some of the most qualified and best appraisers in the industry have left the profession as a result of the actions of the AMCs.  Other professions are not subject to these actions, as the best of other professions are compensated as such.  In addition to the appraisers being hurt, the consumers are paying higher fees, and receiving lower quality appraisals.  Some AMCs will shop an appraisal at a low fee until someone will accept the assignment.  This isn't the way the business should work, and quality work should be compensated fairly.  When it is all said and done, the two parties who get short-changed are the consumer and the appraiser.  We appreciate any and all consideration to help protect our profession.  Thank you!  

CommentID: 31494