As in every industry, a few companies can have poor management practices and some AMC's do use out-of-area appraisers. At SAMCO, since we often work in rural areas for community banks and credit unions, we have a maximum range of 30 miles for an appraiser to travel. With clients in rural states, like Nebraska or the Upper Peninsula of Michigan, sometimes we exceed our own guidelines, but that's understandable.
Of all the residential appraisals ordered in the mortgage industry, AMCs currently provide 70% of those appraisals, and that number is increasing as community banks/credit unions are steadily creating vendor relationships with appraisal management companies. As you can see, appraisal management companies work hard for the mortgage lending industry and are becoming the norm.
Of all the residential appraisals ordered in the mortgage industry, AMCs currently provide 70% of those appraisals, and that number is increasing as community banks/credit unions are steadily creating vendor relationships with appraisal management companies. As you can see, appraisal management companies work hard for the mortgage lending industry and are becoming the norm.