MyAMC Insight

Those of us in the mortgage and/or appraisal industry have experienced issues with extended turn times on appraisals.  In certain markets it is difficult to find quality appraisers to complete work in a timely manner.  Based on recent order volume there appears to be more demand than supply of appraisers in some areas of the country.

Are the delayed turn times caused by a shortage of appraisers? If so, why is there a shortage?  There are several factors to consider when reviewing the possible causes:

An important deadline for lenders is fast approaching: June 27. While some lenders are ready to migrate to HUD's EAD portal, others are behind on implementation. HousingWire sat down with David Mentesana, VP of operations and client development at MyAMC, to find out what this change means, and how his company is helping lenders get prepared.

HousingWire: The deadline for lenders to migrate to HUD’s Electronic Appraisal Delivery (EAD) portal is June 27. How ready are lenders for this change?

David Mentesana: Most of the lenders we work with are ready or are in the midst of completing the necessary steps.  At MyAMC, we have completed our system development and went live the last week of April. MyAMC built a direct integration interface to allow us to submit hundreds of appraisals to the portal at one time.