Appraisal Management Companies & Credit Unions. Are they a match?

As a national appraisal management company with a footprint of over 10,000 appraisers located in all 50 states, we tend to believe that there is a benefit for most by making use of our service. From compliance to vendor management to quality control, the services we provide work to serve those who place compliance and saving time and money at the top of their priority list when it comes to running their respective companies.

We work with quite a few credit unions already and see the benefit we provide to them and their members. So we got to thinking…Maybe we should attend the Credit Union National Association Government Affairs Conference in Washington D.C. this year to meet more Credit Union executives and see if there is a true need for appraisal management solutions within the Credit Union world.

At first we were unsure as we knew heading to D.C. that we were the only Appraisal Management Company on the exhibitor roster. So we thought, “hmmm, this could either be a great move or a really bad move”. The result? It was a great move.

Attending the conference confirmed our idea that there is a true need for an AMC within most credit unions. We heard from several folks who had a lot of question about what we do and how we can best serve their members. Many expressed concerns about how they have other people in different departments ordering appraisals and performing the quality control piece which was outside of their normal daily responsibilities. Managing this internally was beginning to be too laborious for their employees and they needed an option to carry this out properly and to remain compliant.

Compliance was a common theme throughout the conference. With the high number of regulatory changes coming out in 2013 from the CFPB it is imperative that credit unions are aware of what exactly applies to them and how best to approach these new regulations. Credit Unions need to have a plan of action for 2013 and avoid waiting until the last moment, as there is a good chance there will be additional regulatory changes in the fall. That is another valuable service that we provide to our credit union clients.

We were absolutely thrilled with the results of the conference and will definitely be back to participate and educate attendees on ways that we, as a national appraisal management company, can benefit them and their members.