If you are a mortgage lender, appraisal management fees are a necessary part of your business. Before you choose an appraisal management company, you want to make sure you are getting a fair price. It's important to know how to tell if an AMC fee is accurate. What is an average AMC fee? How much do AMCs typically charge? Here are five ways to tell if an appraisal management fee is accurate.
How to Check the Accuracy of an Appraisal Management Fee
1. View the Reports
Even if you have an idea of how to check the accuracy of an AMC fee, you cannot do it unless you are getting regular reports. You should be receiving monthly or quarterly reports on all fees your AMC is generating. Make sure to read them carefully when they arrive.
2. Know What to Look For
You should be able to check how your AMC's fees fit in with the average. What is an average appraisal management company fee? Your AMC should retain about $100 to $125 per appraisal (this should include all platform fees and upload fees to other UCDP and EAD platforms), with the remainder going to the appraiser himself. The AMC should be able to specifically explain any increase in fees to your satisfaction.
3. Know Your Appraisal Management Company
Representatives from your AMC should be more than willing to meet you face-to-face or through an online video meeting option. They should be able to talk to you directly about their process and how they generate their fees to your satisfaction. If you're only dealing with an AMC through an online portal, it is a lot harder to be sure you are getting accurate AMC fees.
4. Clear Invoices
You should be able to tell at a glance what you are paying for when you get an invoice from your AMC. If your invoice is loaded with terms you don't understand, fine print, and confusing math, there's a good chance you are not getting as fair and accurate a fee as you should. The invoice should clearly break out the management fee from the appraiser fee for transparency.
5. Ask Around
If you know other banks or lenders in the area, don't be afraid to ask about their experiences with various appraisal management companies and fees. If an AMC is acting unscrupulously, the word should get around fast. At the same time, when you find an AMC you can trust that works well with small banks and credit unions, you'll probably want to let people know about it.
Contact SAMCO-AMC for Complete Transparency in Appraisal Management
SAMCO-AMC wants to be your trusted appraisal management company, so we're sure to offer total transparency in our services. Our invoices and fee information are clear and straightforward, and we will provide an on-site explanation of our services. We will even offer a free demo, waving our management fee for the first few appraisals so you can see just how effective we can be for you.
Many of our referrals are from lenders and appraisers. There is no better recommendation than a word-of-mouth referral.
We can't wait to start helping you in your mortgage lending with reliable, fair, and affordable appraisal management services. To learn more and find out what one of our personalized service agreements can do for you, just give us a call at 888-832-1129 or fill out our contact form today.