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Appraisal Management Company (AMC) Bonds

The real estate industry relies on the objectivity and accuracy of appraisals. Consequently, many states require appraisal management company (AMC) bonds to issue an AMC license. Between the enormous sums of money invested in real estate and how turmoil in the market can rock the national economy, many states regulate the industry with surety bonds.

What is an Appraisal Management Company (AMC) Bond?

An appraisal management company bond is a type of surety bond that guarantees that an AMC will abide by all the laws and regulations governing their industry. It does this by providing a financial incentive for ethical business practices. But it also creates a mechanism for an injured party to get restitution if fraud occurs. The bond acts as a risk management tool, protecting buyers and sellers of residential homes.

How Do AMC Bonds Work?

AMC bonds, like all surety bonds, are legal contracts between three essential parties:

  • The Principal – The principal is the bonded appraisal management company.
  • The Obligee – The entity requiring the bond is the obligee.
  • The Surety – The insurance company underwriting the AMC bond is the surety.
  • If a home buyer believes that an appraisal they relied upon to their detriment was biased or that fraud was involved, they can file a claim against the AMC bond. The surety is obligated to investigate all claims thoroughly. If they find in the client's favor, the surety will pay the claim up to the total bond value. However, if the surety finds in favor of the principal, the claim gets dismissed. The principal is responsible for repaying the surety for any paid claims.

    Who Needs an AMC Surety Bond?

    Most states and the District of Columbia require an AMC surety bond before licensing an appraisal management company for operation. The following require bonding at this time:

    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • Colorado
    • Delaware
    • District of Columbia
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Iowa
    • Kentucky
    • Louisiana
    • Michigan
    • Mississippi
    • Missouri
    • Nebraska
    • New Jersey
    • New Mexico
    • North Carolina
    • North Dakota
    • Oregon
    • Pennsylvania
    • South Carolina
    • South Dakota
    • Tennessee
    • Utah
    • Virginia
    • Washington
    • West Virginia
    • Wyoming

    If you are still determining whether you must be bonded, contact us! The experts at Viking Bond Service will guide you through the surety process and verify the requirements for you to do business.

    How Much Does an Appraisal Management Company Bond Cost?

    An appraisal management company bond costs a tiny fraction of the bond's value. While most states require a minimum AMC bond of $25,000, it varies by state. The premium is typically 1-5% of the bond value, so usually around $250-$1,250 for a $25,000 bond. A principal with poor credit will pay a higher premium than one with sterling credit, but we work with our clients to get them bonded for the lowest price.

    How Can I Get an AMC Bond?

    Viking Bond Service makes obtaining your surety bond a snap. Our online bond application is straightforward. If you prefer, you are welcome to contact us online or by phone at 1-888-2-SURETY (1-888-278-7389). We look forward to serving your surety needs.

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