What is an Arizona Appraisal Management Bond?
The Arizona Appraisal Management Bond is proof of an enterprise owner’s promise to be ethical in business dealings and evidence of one’s willingness to abide by the rules and regulations of the state governing one’s transactions.
Having an AMC bond indicates that you have appropriate government permissions to provide appraisal management services to anyone within the territorial jurisdiction of Arizona. The bond is also a guarantee that you will conduct your business promptly and that you will adequately compensate your personnel for services they have rendered to you.
As an appraisal management company, your primary task is to work with creditors, mortgage providers, investors, and appraisers to simplify and smoothen out the ordering, tracking, quality control, and delivery of appraisal reports.
Why do you need the Arizona Appraisal Management Bond?
You need an Appraisal Management Bond because you want to protect your business name and image while servicing your clients. Likewise, the bond can make your company very attractive to customers because consumers want to hire the services of someone or an entity they can trust. Finally, an Appraisal Management Bond can provide you the peace of mind you need knowing fully well that if an untoward incident happens due to major slip-ups, the aggrieved client or partner can demand financial damages without harming your business resources.
More details about the Arizona Appraisal Management Bond
Before getting bonded, you as an AMC must know that you do not perform appraisals. Your primary function is to carry out the administrative roles entailed in the ordering, completion, and delivery of an assessment report. As an AMC, you need to establish processes that would complete and improve these functions grounded on the AMC’s business model and equivalent Federal and State regulatory requisites.
After acquiring your bond, you need to confer and closely collaborate with the Federal Financial Institution Regulatory Agencies, the Federal Housing Finance Agency, and the Bureau of Consumer Financial Protection in the course of performing your duties.
What is the cost of an Appraisal Management Bond?
Bond amounts vary from state to state. Likewise, the amount of your bond premium will depend greatly on your credit score and financial history. If you have problematic transactions in the past, you may be required to pay a higher premium. Other factors that can influence the determination of your bond premium is your past business performance, your reputation as an entrepreneur, and even your personal profile, your standing in the business community, and if you have some criminal record, however insignificant the nature of the crime is.
How do I get an Appraisal Management Bond?
Getting a bond is easy. However, be sure to contact only reputable professionals in the field of surety. Give Surety Bond Authority specialists a call, and you will have the answers you need and the solution to whatever concerns you have in protecting your business.