Appraisal Management Company (AMC) Licensing
An appraisal management company (AMC) is a business entity that fulfills real estate appraisal assignments on behalf of mortgage lending institutions. The AMC usually has a network of certified and licensed appraisers to administer real estate appraisals. AMC licensing requirements vary by state. LicenseLogix will address the specific needs of the industry and help with all license requirements. We streamline the process so AMC’s can focus on their core business.
AMCs must obtain a license in the states where they plan to work. Separate licenses may be required for the individual appraisers that operate within the state. Common application requirements include corporate documents, surety bond, and various policies and procedures regarding internal business operation. Applications also may require personal information from the officers and owners of the company including fingerprints, so that a background check may be run. Applications fees tend to be expensive, ranging from $300 - $3,000. Licenses must be renewed annually or biennially, depending on the state.
Generally, the first step in applying for an architectural firm license is to comply with the name requirements which may require registration of a DBA (“doing business as”). The second step is to obtain an individual architect’s license in the appropriate state for your “Designated Architect” who will qualify your firm for a license. To do so, the individual may be required to take an examination or qualify by reciprocity with a state in which they are already licensed. The final step is to apply for your Architectural Firm License or Registration. The application will usually require a fee, ranging from about $50 to $150 as well as attachments such as copies of licenses and various corporate documents. Once the license is issued, renewals are required to be filed either annually or biennially, varying by state.
Ramifications of Non-Compliance
Common penalties include large fines and cease & desist orders from the state.
How we help your business:
- We will save you time because our licensing specialists are well versed in all state license types, requirements, and applications.
- Our flat rate service fee will save you money by taking a time consuming task off of your desk for a fraction of what it would cost elsewhere.
- We will ensure that your application is filed correctly and that you are operating in compliance with the law.
More Resources:- National Association of Appraisal Management Companies
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