Appraisals Will Be Done By AMC’s

 

According to Florida Association of Realtors, beginning May 1, 2009, a new federal regulation will mean that mortgage lenders will no longer be able to call or hire their own appraisers to do appraisals for them. The appraisals will be handled by a separate party, or an outside appraisal management company. Lenders and realtors will not be allowed to have any contact with these AMC’s.  The theory is that a lender or realtor will not be able to put any undue pressure on an appraiser to make sure that an appraisal reflects a specific contracted sales price.

But, the question being raised is, “Who will be monitoring the appraisal management companies?

 

 

This article is authored by

Sandy Shores, Melbourne FL Realtor

Brevard County Real Estate & Investing

Palm Bay Florida Real Estate News