As a result of massive industry fraud and generally poor banking practices, new regulations and laws have changed the way agents, mortgage lenders, and appraisers interact. Over the past couple of years, a new system of processes and relationships developed in response to the laws. Appraisal Management Companies (AMC’s) now act as middlemen – introducing new challenges and issues. The appraiser that shows up for the inspection today may not be of the same quality as appraisers of the past. This can generate problems for the Real Estate Agent and introduce new risks to their transactions. In order to understand how to solve the “appraisal problem” – the agent needs to understand how the system works. Topics covered in this class include:

• The ground breaking settlement between the NY Attorney General and Fannie Mae. This Settlement changed how banks, borrowers, agents and loan originators interact with the appraiser.
• What an Appraisal Management Company (AMC) is and how it operates
• The problems associated with AMCs
• Why low quality appraisals are being created
• Why poorly trained appraisers are showing up for the appointment
• What the agent can do to improve the quality of the appraisal
• How agents and borrowers can work with lenders to reduce problems

Course Objectives:
1. An understanding of Appraisal Management Companies (AMC’s) and the impact on Real Estate Transactions
2. Knowledge of what caused the changes, how to navigate the new world, and how to resolve the most common issues