According to the results of a survey conducted recently by Coester Appraisal Group, lenders' and independent appraisers' claims that appraisal management companies (AMCs) are employing inexperienced appraisers and are significantly underpaying appraisers are off-base. Coester Appraisal Group, a Maryland-based AMC, says it surveyed more than 5,000 licensed appraisers and found that only 3% of respondents have less than five years' experience.
More than half of the respondents report having been in the business for 15 years or more, according to the survey. Almost two-thirds earn $250 to $350 per appraisal assigned through an AMC.
‘Quite a few negative misconceptions about AMCs have been getting a lot of media coverage, which is fueling undue distress among lenders and appraisers," says Brian Coester, CEO of Coester Appraisal Group.
The survey was completed in August and tracks the responses of 5,384 licensed appraisers throughout the U.S. The study found that 52.4% of respondents feel that an ideal fee of $350 to $400 would allow for the highest quality of work on a conventional appraisal, and 45.3% said that $400 to $450 would allow for high-quality Federal Housing Administration appraisals.
Nearly 78% of respondents stated that the typical fees they were receiving were enough for them to do their highest quality of work, over 82% feel that AMCs should keep 15% or less, and almost 17% felt that AMCs were entitled to between 15% and 30%, Coester Appraisal Group says.
SOURCE: Coester Appraisal Group