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.
AMC’s 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.
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.