What is an AMC?
In my last email newsletter, I mentioned Greg Stephens, an excellent speaker at Valuation Expo. I wrote that he worked for Metro West AMC. The actual company name is Metro-West Appraisal Company, LLC. It works in 40+ metropolitan markets. His company is not considered an AMC as there are only staff appraisers, with no fee appraisers. His clients do not want to use an AMC.
Dodd-Frank reference: AMC … “that oversees a network or panel of more than 15 certified or licensed appraisers in a State or 25 or more nationally within a given year…” Per Greg, this has been interpreted to refer to fee appraisers, not staff appraisers. Many state laws have clarified this. But, state AMC laws vary widely and some are more restrictive than Dodd Frank.
It looks like I will have to write an article for the paid Appraisal Today analyzing this issue. I have always thought of an AMC as a large appraisal firm that has some staff appraisers and mostly independent contractors, although in the past there was at least one large AMC that had no appraisers on staff. I don’t know of any AMCs today who do not have any licensed appraisers on staff. This stuff gives me a headache!!
Link to full email newsletter with info on JVI payments and new director for CA appraisal licensing dept