How much does a $25,000 appraisal management company bond cost in Washingotn D.C.?
The cost of a $25,000 Washington D.C. appraisal management company bond is $250. These bonds are issued instantly and must be renewed each year for as long as the licensee wishes to keep an appraisal management license.
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| Bond Type | Bond Amount | Cost | |
|---|---|---|---|
| $25,000 Appraisal Management Company Bond | $25,000 | $250 |
Why do appraisal management companies need a surety bond?
Due to the Washington D.C. Appraisal Management Company Amendment of 2018, all AMCs are required to be licensed and bonded. This bill brought changes to the registration process that were put in place to ensure that all appraisal management companies must meet the same standards.
The surety bond must be on file with the District of Columbia Department of Insurance to ensure that appraisal management companies conduct their services in accordance with the requirements of the Appraisal Management Company Regulation Amendment act of 2018.
What does an appraisal management company do?
An appraisal management company is defined as a person or group of persons that provides appraisal management services to creditors and secondary mortgage market participants. Appraisal management services include receiving appraisal orders and reports, submitting appraisals to creditors, collecting fees for the service provided, and paying appraisers for the services performed.
How to become an AMC in Washington D.C.
To become a licensed appraisal management company in Washington D.C. you must:
- Submit an application to the Board of Real Estate Appraisers
- Pay the following fees:
- Application fee: $65 (non-refundable)
- License fee: $170 (renewed every two years)
- Appraisal Education Fund fee: $130
- Department of Consumer and Regulating Affairs fee: to be determined
- Designate a controlling person (someone who does not have an appraiser license, must remain in good standing with the state, be of good moral character, go through a background check)
- Verify that all appraisers hold licenses in good standing
You can apply online by visiting the Board of Real Estate Appraisers website. In order to renew your license, which must be done every two years, applicants must complete at least 15 hours of continuing education
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Additional Resources
HCS HB 967 - Board of Real Estate Appraisers
Appraisal Management Company Regulation Amendment Act of 2018
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