I recently came across this article “Appraisers left high and dry as AMCs shut down” and felt compelled to blog about this because it is a very important subject that concerns all AMC, appraisers and lenders.
When I started my AMC branch there were a few other AMC’s that started up around the same time, and it seemed that they were growing faster than me. This made me feel that I might be doing something wrong and concerned that my business might never expand.
Two years later those same AMC’s began to close their doors and I realized that I was on the right track. Those branches were using their money to expand their operation instead of paying their appraisers on time and therefore losing quality of service. When reports needed revisions made, their appraisers were reluctant to do them because they hadn’t been paid for the original report. Thus the lenders they were servicing were not able to secure the requested revisions and were unable fund loans.