Q: What types of appraisals do you do?

A: Appraisal Management Corporation specializes in performing appraisals for institutional lenders such as banks, mortgage companies, and credit unions.

Q: What is A.I.R.?

A: The Appraisal Independence Requirements: The interim rule implements new section 129E of the Truth-in-Lending Act (TILA), which was added by section 1472 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It establishes new requirements for appraisal independence for consumer credit transactions secured by the consumer’s principal dwelling. The amendments are designed to ensure that real estate appraisals used to support creditors’ underwriting decisions are based on the appraiser’s independent professional judgment, free of any influence or pressure that may be exerted by parties that have an interest in the transaction. The amendments also seek to ensure that creditors and their agents pay customary and reasonable fees to appraisers. This rule is substantially similar to the Reg Z amendments that were effective in October 2009, except that they apply to both closed- and open-end extensions of credit. These provisions apply to any consumer credit transaction that is secured by the consumer’s principal dwelling, including home equity lines of credit (HELOCs). The law required the Federal Reserve Board to issue interim final regulations to implement the appraisal independence requirements within 90 days of enactment of the Dodd-Frank Act. The board decided it had good cause to issue an interim final rule without opportunity for advance notice and comment.


Q: How can I order an appraisal?

A: Lenders can authorize an agreement setting forth the terms under which AMC will provide appraisal services to your institution. We will set up a user code to enable you to have access to our online ordering system. Using our intuitive interface, it is easy to order an appraisal at any time of the day or night including weekends and holidays.

Q: How long does it take for my appraisal to be fulfilled?

A: Orders are completed within 3 to 5 business days.

Q: Can lenders submit their own authorized list of appraisers to use?

A: Yes. The A.I.R. allows lenders to use such a list.

Q: What are your office hours?

A: Monday through Friday from 8:00 AM to 5:00 PM EST. We also monitor and reply to e-mails over weekends and holidays.

Q: How does the ordering system work?

A: Our system is an integrated module of Point©, Calyx Software’s flagship product. Users of Point© can simply order an appraisal without exiting the software. The order will be available to us immediately, so that we can assign an authorized appraiser in rotation. When completed, the appraisal will flow back to you in the Point© software and be available to you there. You can view the status of your order at any time using your Point© software.

Q: Does the A.I.R.  apply also to foreclosure situations?

A: No. The standard applies to the loan origination process only. Foreclosure/REO, workouts, or any other loss mitigation processes are not covered by the code.

Q: Who is not allowed to order an appraisal?

A: Anyone who is compensated with commissions for closed loans may not order an appraisal. Only those who are in positions that are independent of the loan production staff may place and appraisal order.

Q: How is cover under A.I.R.?

A: Although TILA and Regulation Z generally apply only to persons to whom the obligation is initially made payable and that regularly engage in extending consumer credit, the interim final rule applies to persons that provide services without regard to whether they also extend consumer credit by originating mortgage loans. Thus, the interim final rule applies to creditors, appraisal management companies, appraisers, mortgage brokers, realtors, title insurers, and other firms that provide settlement services.


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