Needed: Regulations for all AMC's operating in Iowa

[midwesterner]

Many states have created regulations for AMC's to be registered to operate. Among these regulations are those that require the AMC's to pay the appraiser within 30 days of submission of the report. I'm sure that many of you have seen the statements from AMC's stating their payment terms, like 60 days from the month following the month the report was submitted, which means maybe 90 days! The statements often also state "unless your state regulations require a shorter time for payment." So, the AMC's are playing the money game, and using OUR money. You might get a revision request over 30 days after original report submission, asking for an additional comp, or some minor thing. Then, they start the payment clock over from the time of addressing their "issue". Typically they are paid up-front by the lender, so they have the use of that money, but do not pay the appraiser for months. And, we have all seen many AMC's go broke or close their doors owing thousands of dollars to appraisers. Our legislators can stop this from happening. We regulation regarding appraiser payment for all AMC's that wish to operate in our state. If we as appraisers will contact our legislators, we might get this done.