Many times SAMCO, and other professional AMC's, are just lumped into one overall group by appraisers. Now, as an appraiser, you know that not all appraisers are the same as you, either in professionalism or quality. So why are AMC's considered that way? SAMCO is a champion for customary and reasonable (C&R) fees. I strongly encourage all new community bank clients (the only ones we work for) to view the over all fee's in their area. Sometimes a community bank has a relationship with 2 or 3 appraisers for a below market fee. One reason an appraiser can provide a below market fee appraisal, corners are cut in quality. Since the community bank has no professional oversight for appraisal quality that's OK with them, as an appraisal is an appraisal, right? Well, you know better and Federal bank examiners are knowing better now also.
When SAMCO brings on a new community bank client the Service Agreement clearly discusses C&R. I encourage using the VA regional fee sheet as a guide. Once in awhile there will be a client that pays a fee higher than the VA, but not often. Appraisers are joining together to petition the Consumer Financial Protection Agency for enforcement and are beginning to understand the process for filing a formal complaint. Hopefully this will eliminate the few bad actors in the AMC industry. SAMCO knows a full fee is important. To provide a reasonable, defensible, and FULLY EXPLAINED appraisal takes time and effort. That is why we work together with our customers board approved appraisers, raising their game up to what is now required by federal bank examiners and federal law. We enjoy working with the local 'feet on the ground' appraiser and encourage their calls to our Senior Appraiser whenever they have a challenging issue.
Comments (0)