To: President Donald Trump
abolish AMCs
Appraisal Management Companies, an unintended consequence of Dodd Frank, has undermined the proud meritocracy of appraisers. The banks charge a big fee to the homeowner and pay the hardworking appraiser a tiny fee. The homeowner is ignorant of this fact at closing. The banks are making money off of the hard work of appraisers.
Why is this important?
Banks have taken control of the appraisal business to the detriment of the homeowner and the appraiser. The proud independent profession of appraisal has been undermined by the banks- they are making money off of the independent appraiser. No more meritocracy. The homeowner is totally ignorant of this fact at closing.