Pursuant Oregon Revised Statute Chapter 674, Appraisal Management Companies (AMCs) are required to obtain a registration with the Oregon Appraiser Certification and Licensure Board and deposit an Oregon appraisal management company bond if they wish to engage in business in the State. Oregon defines an “AMC” as a person or company that in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, an external third party that: (A) Oversees an appraisal panel of more than 15 appraisers in Oregon or at least 25 appraisers in the United States; and, (B) Is authorized by a client to: (i) Recruit, select and retain appraisers; (ii) Contract with appraisers to perform appraisal assignments; (iii) Manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided and reimbursing appraisers for services performed; or (iv) Review and verify the work of appraisers. The Oregon appraisal management company surety bond must be executed in the penal sum of $25,000 and guarantee compliance with all provisions of Chapter 674 and rules promulgated thereunder and payment of all amounts that may be ordered by the Board against the principal by reasons of failing to comply with ORS 674. Surety One, Inc., the surety leader in the financial sector provides same day bonding of all appraisal management company bond applicants regardless of credit condition. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com, for an Oregon appraisal management company bond application other information about bonding. Multi-state AMC? No problem! We offer surety bonds in ALL fifty states and beyond.
