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A Fannie Mae official Monday questioned the role of appraisal management companies, or “AMCs,” in evaluating houses.
“We have 10 times more AMCs per capita than New Zealand and Australia,” said Lyle Radke, director of collateral policy at the powerful government-sponsored enterprise. “Why is that?”
Perhaps AMCs can streamline the appraisal process, said Radke at a panel on the future of valuations, which happened to include Martin Froehlich, chief appraiser of AMC Nationwide Appraisal Network. But they might “circumvent” operations especially when the entire appraisal industry is under fire.
Radke, who said Fannie Mae is officially “agnostic” on the help AMCs provide, spoke Monday at HousingWire annual in Frisco, Texas at a time when U.S. Housing and Urban Development is running a task force to combat inequality in appraisals.
How AMCs help – or hurt – addressing bias, or any other aspect of appraisals, is a subject of some controversy. The companies say they are a firewall between mortgage lender and appraiser, taking homes to be appraised from lenders and fanning out the work to individual appraisers.
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The post Fannie Mae official questions purpose of AMCs appeared first on HousingWire.
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