Who needs to file an Alabama Appraisal Management Bond?
The Alabama Appraisal Management Bond is required by the Alabama Real Estate Appraisers Board. For all who wish to establish an appraisal management company. An appraisal management company is an external party including, but not limited to. A corporation, partnership, sole proprietorship, subsidiary, or limited liability company, authorized either by a creditor of a consumer credit transaction. To be secured by the principal home of a consumer or by an underwriter of/or other principal in the secondary mortgage markets. A person that oversees a network or panel of more than four certified or licensed appraisers in a state or 25 or more nationally in a given year, that perform appraisal management services. Under Section 34-27A-55 of the Code of Alabama, the bond amount is $25,000.
In addition to the bond, applicants must submit a registration form, pay the $3500 application fee and attach the following:
- Copy of your procedure to require that appraisers inform the appraisal management company of their geographic competency for an assignment.
- Copy of your procedure that allows users of the appraisal report to request that the appraiser consider additional property information, provide further detail, substantiation, or explanation for the appraiser’s value conclusion or to correct errors in an appraisal report.
- Original written irrevocable consent to service of process if the company is outside of Alabama.
How do I obtain Alabama Appraisal Management Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once the paperwork is completed, the premium has been paid and processed. The bond will be issued and sent out in a timely manner. We offer shipping via USPS Priority Mail or your preferred expedited shipping method(for an additional cost).
The surety bond experts at Surety Solutions Insurance Services, Inc. (Surety1), are available to help you. The process has never been easier with Surety1, we work with over a dozen “A” rated surety markets. This ensures that we will find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.