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Critics Wary of New Appraisal Regulations

The new appraisal regulations requiring the involvement of a third party, known as appraisal management companies (AMCs) for managing home appraisals are under attack by real estate professionals and related organisations.

The federal regulation, which is slated to begin from May 1, is a step to protect the interests of appraisers. However, the provision to involve third party AMCs will prevent mortgage brokers and loan officers from ordering apppraisals directly.

The critics, on the other hand, see no benefit in it as there is no control over the operations of these appraisal companies.

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