Appraisal Management Company (AMC)

Who requires this bond: Department of Consumer and Business Services Division of Finance and Corporate Securities in the respective state.

What is the bond amount: Varies - it depends on the state requiring the bond: Oregon $25,000; New Mexico $10,000; Arkansas $20,000; Arizona $20,000; Georgia $20,000; Nebraska $25,000; Missouri $20,000; Washington $25,000 Tennessee $50,000.

What are the application requirements: A completed application, qualifying credit, and possibility financial statements depending on the bond amount.

What is the cost: The preferred rate is 1% of the bond amount.

Additional Information: Appraisal management companies (AMC) are attracting attention from the government because of drastic changes to regulations for home valuations across the country. These regulations are aimed at boosting consumer safety and stabilizing the housing market. Most of the new AMC legislation requires companies to ensure their appraisals are in accordance with the Uniform Standards of Professional Appraisal Practice. They are responsible for only using certified and licensed appraisers. Since appraisal management companies are responsible for the large majority of appraisals being done through lenders for mortgage purposes due to HVCC. In the past, AMCs were not regulated institutions, the consumer was exposed to the potential for low quality appraisals, and continuing to undermine the public\'s trust in the appraisal profession. Its for this reason that state governments are starting to require these companies to be bonded. The bond guarantees they will abide by all applicable laws and regulations in the state they are do appraisal in. For more information, email info@surety1.com or call 877-654-2327 to speak with an agent.