Typically if you are a company who is doing business nationwide you turn to an appraisal management company(AMC) to handle your different appraisals nationwide. Generally AMC’s don’t hire the most professional and experienced appraisers so Len Fishman from Pacific Appraisers, Inc. decided to create a better alternative. Reverse Mortgage Appraisers.com is that alternative and is focused on bringing an easy way to find quality reverse mortgage appraisers.
As we all know the reverse mortgage business is a relationship business and RMA understands this. Fishman said, “I personally try to interview each appraiser because I want to make sure they understand the reverse mortgage clients and customers.” The average registered appraiser on RMA has been in the business for 15 years and Fishman plans to keep it that way. At the moment RMA has about 200 registered appraisers and another 300 who are in the process of becoming registered. If they are unregistered it means that they are in the process of gathering documents or being reviewed by RMA to get approved.
RMA works with individual appraisers and reverse mortgage lenders to establish their growing database of appraisers qualified for our industry. If you are a reverse mortgage lender, RMA allows you sign up for free by becoming a partner. By becoming a partner, RMA will track expiration dates of licenses and errors and omissions insurance for your approved appraisers list. If they find that one of your approved appraisers has failed to renew their licenses or E&O insurance they will notify you of the next steps that need to be taken.
While there is no fee for lenders to use this service, there is an annual fee for appraisers. Each appraiser pays $100 to be listed in the county of their choice and each additional county will be $25 each. By paying this fee you will be included in their database and users will be able to contact you when they search for an address in your county.
When I ran a search for our area of Chicago there was a list of about 10 appraisers within a 30 mile radius. Some of the appraisers had missing fields but there was plenty of people in our area. To check out RMA for yourself and search for appraisers in your area check out the link below.