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Lenders now use Appraisal Management Companies and here are some reasons why:

Fraud is greatly reduced between Lenders, Salespeople, and Appraisers; therefore losses are reduced due to overvalued assets.

Lenders save money - it is difficult to compete with the efficiencies offered by an Appraisal Management Company; the AMC fee is included in the Appraisal fee and this cost is passed on to the Borrower at closing and not the Lender

Under RESPA it is very hard to define and recover the costs related to an in-house management department as a closing cost and to be 100% compliant under RESPA. In-house costs are at the Lender's expense which affects the bottom line; using an AMC does not affect your bottom line because the fee is passed on to the Borrower.

Small community banks and credit unions who utilize Appraisal Management Companies are free to use time saved on other more productive responsibilities and tasks.

The majority of Appraisal Management Companies have strict QC standards that increase the overall quality of appraisal reports, reducing compliance issues on the front end.

Why Use AN AMC?