Iowa Appraisal Management Company Bond Overview
- Purpose: To protect home buyers and sellers from financial loss caused by AMCs
- Who Needs It: All real estate appraisal company owners in Iowa
- Regulating Body: The Iowa Division of Banking, Appraisal Management Company Supervision
- Bond Amount: $25,000
- Premium Price: $250 for a 1-year term
What Is an Iowa Appraisal Management Company Bond?
An Iowa appraisal management company (AMC) bond is a type of surety bond required for residential real estate AMCs to operate legally.
This protects home buyers and sellers from financial loss if an appraisal company is negligent or dishonest.
Who Needs an Appraisal Management Company Bond in Iowa?
Any person or entity that manages:
- over 15 certified appraisers in Iowa or
- over 25 certified or licensed appraisers nationwide
is considered an appraisal management company and needs a $25,000 bond.
AMCs provide direct or indirect real estate appraisal services for creditors or secondary mortgage market participants in Iowa.
How Much Do Iowa AMC Bonds Cost?
An Iowa appraisal management company bond costs $250 for a 1-year term. Or, you can select a multi-year term to save 25%. The two-year term costs $428 and the three-year term costs $625.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Iowa Appraisal Management Company Bond Work?
An Iowa real estate appraisal surety bond creates a financial contract between three parties: a bond principal, obligee and surety provider.
| Bond Party | Description |
|---|---|
| 1) Principal | You, the appraisal management company owner(s) |
| 2) Obligee | The Iowa Division of Banking, Appraisal Management Company Supervision |
| 3) Surety | The issuing surety provider |
By signing the bond form, you promise to uphold Iowa Code Chapters 543E. If you break these regulations, the state or harmed consumers can file claims for reimbursement. The surety pays valid claims then collects repayment from you, the principal.
Surety bonds are a form of consumer protection. If you or your employees cause financial harm, affected consumers could file a claim on the bond. The surety company will pay to cover any valid claims, but you must pay the surety back in full.
How Do I Get an AMC Bond in Iowa?
You can get your Iowa real estate appraisal management bond instantly online. Enter your information and complete the online purchase. We’ll email you the official bond form in about five minutes.
How Fast Can I Get My Bond?
You can purchase and receive your bond all in under five minutes. Complete the online checkout, then you’ll get your bond email almost instantly. Be sure to then file the bond form with the DOB as instructed.
Don’t see your bond email right away? Please check your spam or junk folder.
Can I Get Bonded With Bad Credit?
Yes, there is no credit check or requirement for an Iowa real estate appraisal company bond.
How Do I Renew My Appraisal Management Company Bond?
Simply pay your renewal invoice when prompted to extend your bond for another term. When you work with SuretyBonds.com, we’ll send you phone and email reminders in advance.
If you close the business, you can request to cancel the bond or simply let it expire.
Can I Make Updates to My Bond?
If minor information on your bond needs to be updated, such as the business name, contact your surety provider.
For current clients: Email [email protected] with the change request and we will issue you a bond rider amendment document if possible.
