At AmeriMac, we know it is critical for lenders to work with trusted appraisal management companies like AmeriMac. You can have confidence that we take compliance seriously and we work hard to ensure our client lenders are in compliance with all regulations, including the Dodd-Frank Act, Consumer Protection Act, Fannie Mae, Freddie Mac, and Appraiser Independence.
Following the Great Recession, the 2010 Interagency Appraisal & EvaluationGuidelines (AIG) were introduced to reestablish the separation between the appraisal order management process and the loan production process. These regulations also drew specific attention to the importance of an appraisal review process.
The necessity of appraisal companies expanded following the Dodd-Frank Act, signed into law in 2010. This especially applies to community bankers who were by and large unfamiliar with appraisal management companies (AMCs) as a whole.
Along with the Federal Reserve Interim Final Rule, the Dodd-Frank Act also established a Consumer Complaint Hotline and a standard “customary and reasonable” appraisal fee to pay local appraisers. These laws made the community lender responsible if the appraisal management companies did not comply.