AMC Regulation to the Rescue?

Legislation to regulate appraiser management companies (AMCs) has been signed into law in three states (UT, AR, NM) as of this writing and is being considered in many others. Appraiser “independence” legislation also has passed in a number of states this year.

At the federal level, the Mortgage Reform and Anti-Predatory Lending Act of 2009 (H.R. 1728) passed the House in May. This Bill may prove to be the most salutary of all for appraisers. On the face of it, H.R.1728 promises good things for the profession. First, it seems to close a regulatory loophole- current law requires strict licensing and regulation of appraisers but not of AMCs, whose staff order, review and perform numerous other “appraisal” functions. Key provisions of this Bill include registration and a regulatory framework for AMCs.

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