Definition
This is a middleman company that your lender hires to manage the appraisal process, selecting an appraiser and verifying they're qualified and unbiased. It adds a step to the process but ensures independence.
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Find my pathAbout this term
AMCs provide appraisers for lenders. Vet qualifications and compliance. Quality control and regulation. Cost typically passed to borrower ($25-75 additional fee). Reduces lender liability. Ensures independence (appraiser doesn't know borrower). Growing standard practice. Appraisers may resist due to oversight. Professional management improves consistency. Compliance with regulations. Growing criticism of cost and delays. Competition between AMCs affects service. Quality varies by AMC.
Pro Tip
AMC fees are usually included in your closing costs; understand what you're paying for this service.
Example
Appraisal management company selected qualified appraiser ensuring independence.