FAQ's

  • What is an Appraisal Management Company?

    An appraisal management company (AMC) is a business entity that administers a network of certified and licensed appraisers to fulfill real estate appraisal assignments on behalf of mortgage lending institutions. The AMC recruits, qualifies, verifies licensure, and negotiates fees and service level expectations with a network of third-party appraisers, administrative duties like order entry and assignment, tracking and status updates, pre-delivery quality control, and preliminary and hard copy report delivery. It also involves ongoing quality control, accounts payable and receivable, market value dispute resolution, warranty administration, and record retention.

    An appraisal management company, therefore, is an outsourcing solution that is paid by a lender-borrower to act on the lender/client’s behalf to engage real estate appraisers and to perform the administrative functions involved in the appraisal ordering, tracking, and delivery process.
  • What qualifies someone to be a real estate appraiser?

    Most states require all real estate appraisers to be, at a minimum, state licensed and have fulfilled rigorous education and experience requirements and must adhere to strict industry standards and a professional code of ethics as promulgated by the Appraisal Foundation. Our appraisers are scrubbed and reviewed on a daily basis, and in addition the certification of license and insurance requirements are reviewed regularly.
  • How do I place an appraisal order?

    Orders may be placed through our secure web based platform which provides the fastest response time for our clients. However, you may also submit your order via email, fax, or phone.
  • How long does the process take?

    Your order will be assigned within one hour of receipt and, in most cases, you can expect to receive your appraisal report within 48 hours after the inspection has been completed.
  • How do we know what the status of the appraisal is?

    From order assignment to order completion, you can receive status notifications via e-mail which will indicate where the file is in the appraisal process. Also, you can review your order status anytime and from anywhere with our online system.
  • If there is a problem, who do I call to have it resolved?

    Every lender that becomes a Source AM client is assigned a dedicated account management team. The account management team understands the specific requirements of their respective client and implements the necessary protocol to deliver the highest level of satisfaction in the customer service experience.
  • How and when can I reach Source AM?

    Phone, web based appraisal platform, e-mail and fax. We are available daily from 8:00am – 8:00pm EST Monday through Friday.
  • How will Source AM fulfill my individual appraisal report requirements?

    Every completed appraisal report will be put through hands on quality control process that covers your individual requirements as well as Federal appraisal requirements. If the appraisal does not satisfy the combined requirements it will be sent back to the appraiser for corrections.
  • How is the appraisal fee determined?

    Source AM and the lender will agree to a flat rate pricing schedule based on the client’s market area.

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