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Gold Star Lenders and AMCs The following lists were compiled from the survey taken on AMCs by AAREA. The list is from appraisers and AAREA is making no comment, just reporting. The criteria for Gold Star Lenders was that they paid customary and reasonable fees, they gave sufficient time to complete the report, they paid in a timely manner, they did not ask for an increase in scope of work after the assignment without increasing the fee.
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It is noted that some Lenders and AMCs appear on both lists. Why? Because there were some appraisers that thought they were Gold Star worthy, and others that thought they were B&U. When checked, it appears that the AMCs who are on both lists pay reasonable fees in some areas or for some types of appraisals, and not in other areas or for different forms. This indicates at least for a few, these lenders and/or AMCs meet the Gold Star criteria for some. The question is, why aren't they meeting those criteria for all? Bad & Ugly Lenders and AMCs The criteria for "Bad and Ugly" is the opposite of Gold Star. The following were named by appraisers as paying low, especially very low fees, requiring unreasonable turnaround times, are slow pay, and ask for additional requirements after the delivery of the report. The Folly for the lender of getting a cheap appraisal is addressed on the page (see left) "The Folly of the $200 Appraisal". The following, according to the comments in the survey, do at least one if not numerous of those items mentioned above.
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