There are some AMCs that will only pay the local appraiser a drastically discounted fee (dramatically increasing their margin without the client lender knowing), but this is not true of many AMCs and definitely not SAMCO. The Dodd-Frank Act mandates that appraisal management companies pay a customary and reasonable fee to the local appraiser. As of April 1, 2011, all AMCs 'should' pay a full fee to the appraiser. If an AMC does not pay the full fee, they are placing their clients at serious risk of regulatory financial penalties! How does an AMC ensure to their client that they are? That’s a good question and you need to ask it of the AMC you are considering. One way to ensure that the 'customary and reasonable' fee is being paid is by requiring documentation with every appraisal and that requirement being stated in the AMC Contract.
SAMCO has always paid a customary and reasonable fee to our appraisers. We have such a close relationship with them; it wouldn't be right otherwise. Maybe it's also because we assume the appraiser list of our community bank/credit union client, and those local appraisers are your friends, valued partners, and many times clients of the bank themselves!
SAMCO has always paid a customary and reasonable fee to our appraisers. We have such a close relationship with them; it wouldn't be right otherwise. Maybe it's also because we assume the appraiser list of our community bank/credit union client, and those local appraisers are your friends, valued partners, and many times clients of the bank themselves!