Appraisal management company bonds are surety bonds that many states require businesses in the appraisal industry to get. This bond ensures the state that a company will act in accordance with all federal and state laws surrounding the appraisal industry. AMC bonds are also used to reimburse clients who fall victim to a company that fails to follow the terms of the bond.
Who Needs an AMC Bond?
AMC bonds can vary by state, but most any company who provides appraisal management services in accordance with state laws should buy this kind of bond. It is crucial to check with your state authority to see if an AMC Bond is necessary for your company.
How Much do They Cost?
The price of an AMC bond depends on many factors like what state you are located in, your credit score, or what kind of appraisal work you do. Each state decides how much the value of this bond will be and depending on each company’s credit score; they will have to pay a percentage of that. Each state’s prices vary so you must check with your state authority to go over exact numbers. If a company has good credit, they may end up paying anywhere from 1% to 4% of the total value, while companies with struggling scores can expect premiums of 5% to 10%.
Will my Credit Affect It?
Depending on how bad your score is and why it is struggling, you may still be able to apply successfully. Say your credit score is low due to filing for bankruptcy or being late for child support, a band may not be available to you. Otherwise, applicants with struggling credit can apply through a firm that specifically works with other companies who have bad credit. Your premiums may be higher, but you’ll obtain the surety bonds you need.
How We Help
For bonds as crucial to your company as AMC bonds, you want to work with a firm you can fully trust. At IOA Bonds, our over 25 years of experience makes us one of the leading firms in the industry, dedicated to serving you. For more information on bonds or how to receive one, call us at 866-379-3151 today.