What is an Oregon Appraisal Management Bond?
Insatiable evaluators are putting out skyrocketing assessments on properties to gratify lenders, and their pockets played a huge role in the US housing bubble. One illustration of such self-indulgence was the incarceration of an ex-Beverly Hills appraiser for her role in a multimillion-dollar scheme pumping up property values. It came after the capture of a father/son appraiser team in CA indicted with changing assessment values to raise home amounts by up to $40,000.
While human greed is hard to eliminate, it can be minimized. It can be subdued with the existence of the Appraisal Management Bond that needs to be posted by Oregon AMCs.
The Oregon Appraisal Management Bond is incontrovertible evidence that an AMC will abide by all laws and regulations stipulated within the Oregon Revised Statutes Chapter 674. It is also an indication that the AMC will not withhold or threaten to withhold timely payment to personnel for services rendered, will not alter any appraisal report, and will not influence the drafting of any appraisal statement.
Why do you need Oregon Appraisal Management Bonds?
As an AMC, you need the Oregon Appraisal Management Bond because you want to protect your business name and image while servicing your clients. It can make your company very attractive to customers because consumers want to hire the services of an entity they can trust. This bond can simultaneously benefit you as an AMC and your clients who badly need an honest and dependable appraiser.
The Oregon Appraisal Management Bond is required by the Oregon Appraiser Certification and Licensure Board and must be $25,000.
More details about the Oregon Appraisal Management Bond
An AMC does not perform appraisals. Its major work is to fulfill the administrative roles involved in the ordering, completion, and delivery of an appraisal report.
After acquiring the bond, you need to discuss and directly work together 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 Oregon Appraisal Management Bond?
The Oregon Appraisal Management Bond premium is not costly and will depend vastly on your credit standing and financial history. If you have disputed transactions in the past, you may be required to pay a higher premium.
Other factors that can influence the determination of your bond premium are 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 was.
How do I get an Oregon Appraisal Management Bond?
Getting a bond is effortless. The first step to obtaining an Oregon Appraisal Management Bond is to secure an assessment from a reliable surety bond company. Be sure to contact only legal practitioners in the field of surety.
Once required documents have been submitted and inquiries answered, the surety bond company will conduct a preliminary assessment. Based on the outcomes of the appraisal, your bond application will either be approved or you will be requested to present additional documentation to aid the underwriting process.