• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Needed: Regulations for all AMC's operating in Iowa

Status
Not open for further replies.

midwesterner

Thread Starter
Freshman Member
Joined
Mar 19, 2015
Professional Status
Certified Residential Appraiser
State
Iowa
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.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks