Your Guide to Working with Appraisal Management Companies (AMCs)

When you begin your career as an appraiser, you open yourself to a world of employment opportunities — so where’s the right place to start? Appraisal Management Companies (AMCs) are one option to consider. Learn how to choose the right Appraisal Management Company with this guide for appraisers, including tips on reputation, communication, and support. We spoke with our National Appraisal Expert, Rebecca Jones, to get the inside scoop.

What Are AMCs?

Appraisal Management Companies, or AMCs, are companies hired by mortgage lenders to work with appraisers on property appraisal assignments. They’re the intermediary in the mortgage lending process, creating a veil of impartiality between mortgage companies and appraisers.

A Brief History: Why Do We Need AMCs?

AMCs have been around since the late 1960s, when appraisers complained about being pressured to confirm or exceed the contract price. Still, they were not very widely utilized until the Home Valuation Code of Conduct (HVCC) in 2008, jointly created by the Fannie Mae and Freddie Mac agencies. The purpose of the HVCC was to separate lenders from directly influencing appraisers — in other words, to keep property valuations and appraisers free from pressure or bias. In 2010, HVCC was retired by the Dodd-Frank Act and replaced by the Appraiser Independence Requirements (AIR), which were designed to safeguard the independence, objectivity, and impartiality of appraisers. In essence, AIR builds upon that foundation with refined provisions that protect appraiser independence and ensure the quality of mortgage lending practices. Learn more about appraiser independence and related laws.

Benefits of Working With AMCs as a New Appraiser

Rebecca (Becky) Jones, our National Appraisal Expert and a seasoned property appraiser, shares that AMCs are the best way for a new appraiser to cut their teeth. But the benefits go beyond new appraisers' careers. Working with an AMC as a new appraiser can offer you an “in” to the profession. You’ll be able to work among appraisers of all experience levels, have a steady workflow right out of the gate, and begin to gain some experience in the career. Becky shares that she still takes on work through AMCs, despite having worked in the profession for many years. She says it keeps her connected to the learners and the trends.

How Do You Get Started Working With AMCs?

Like any job, your work with an AMC begins with a search, and ends with your application. Here is a glimpse into the process.

Choosing the Right AMC to Work With

Choosing an AMC is much like your typical job search: you’ll consider the various companies you have to choose from, consider the factors that matter most to you, narrow down your list to some top contenders, and apply away! Here are our tips on finding the right AMC for you.

Search for AMCs

Becky recommends checking the Appraisal Subcommittee's AMC Registry for AMCs in your state, and talking to other appraisers for recommendations — this is probably your best shot at finding a great AMC to work for! If you don’t know any other appraisers that you can get the scoop from, try exploring online forums like the Appraisers Forum and Reddit to find appraisers’ opinions. YouTube is another great option to find videos of appraisers sharing their experiences. For a broader scope of options, you can also check AMC directories. These are a great resource to help you create your initial list of options.

Narrow Down Your List

Apply to Work!

Once you’ve narrowed down your list, it’s time to apply. When you apply to be part of an AMC’s panel of appraisers (or to be on their vendor list), you’ll need to have your credentials ready. Think: resume, maybe some examples of past appraisal work, and some references. Then, prepare yourself for some interviews (because you’re going to be getting some calls!).

Pros and Cons of Working with AMCs

Working for an AMC is a great opportunity for beginners because of the steady workflow and flexibility in terms of working for who you want, when you want. You can freely take on assignments from more than one company, and take advantage of networking opportunities, all while leaving administrative duties up to the company to handle. Still, AMCs don’t offer employment benefits like health insurance, unless you apply to work as an AMC staff employee. Plus, strict regulations concerning quality control, tight deadlines, and other policies can sometimes leave experienced appraisers feeling stifled.

Working With AMCs: FAQs

Can I work for more than one AMC at a time?

Yes! In fact, this is a great way to diversify your network, make some extra money, and keep yourself busy, especially as a new appraiser.

What is the difference between an AMC’s panel of appraisers and a vendor list?

The vendor list includes all appraisers who have been approved by the AMC to receive assignments — basically, a pool of appraiser candidates who might be contacted for future work. An AMC’s panel is a group of appraisers who are actively engaged with the AMC and regularly receive assignments. The panel may be a subset of the vendor list, consisting of appraisers who meet specific criteria, such as performance metrics, availability, or geographic expertise.

How do I get on an AMCs vendor list?

Usually, you can get on an AMC’s vendor list by applying to work for them. Usually this involves sharing credentials and having an interview. Sometimes, AMCs reach out and invite appraisers to be on their list.

What should appraisers do if pressured by real estate agents or others in the transaction?

Appraisers should report such incidents to their client and provide documentation of the issue. It's important to remain professional and reference laws like the Dodd-Frank Act that prohibit undue influence.

Working For an AMC Is a Great Next Step

Your first step, of course, is getting trained as an appraiser with The CE Shop. As a new or thinking-about-it appraiser, you’ll soon come to find that your options in this career are vast! So, start with training that prepares you for anything — and keeps it interesting. The CE Shop also offers appraiser Continuing Education, and best of all? You can try it for free. Get your appraisal career off on the right foot. We’re here for you every step of the way.