Appraisal Management Company
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Overview

An Appraisal Management Company is an individual or business entity that provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates, provides such services in connection with valuing a consumer’s real property as security for consumer credit transactions secured by a consumer’s principal dwelling, and within a given year, oversees an appraisal panel of more than fifteen appraisers working in New York State or twenty-five or more appraisers working in two or more states. A business that hires both appraisers as employees and engages appraisers as independent contractors shall only include the independent contractors during numerical calculation to determine if they meet the definition of an AMC for purposes of state registration. It is the responsibility of licensees to understand the Appraisal Management Company License Law.

 

Term of Licensure is two years

License law

 

 

 

Requirements

Submit a completed application and the required fee to the Department of State.

Guidance For Appraisal Management Companies (AMCs)

Fees

Appraisal Management Company

$250 - Initial Application
$250 - Renewal
$100 - Late Renewal Penalty
$25 - Appraiser Panel fee (per appraiser)
$25 - National Registry fee (per appraiser)
$10 - Change of business name/address
$0 - Owner/Controlling person personal name/address change

Renew or Update

Appraiser Management Company licenses must be renewed online. An email renewal reminder containing a link to the renewal is sent to all Appraisal Management licensees approximately 90 days prior to the license expiration date. Please click here to log on to your account and renew your license. 

Please note that prior to renewal, you must ensure you have successfully submitted your Annual Roster Report.

 

Update Your License

To update your personal name, business or residence address, download, complete and submit the Change Notice to the address on the form.

Duplicate License/Registration Request

To request a duplicate license certificate, download, complete and submit the Duplicate License/Registration Request to the address on the form.

Apply

Online Application Instructions:

To apply for a license, please select the below link, create a NY.gov business account and follow the application instructions provided.

apply online

Using the online services provides quicker processing of your application and allows you to view the status of your application through your online account. Additionally, you can amend your license record, submit annual reports and renew your license more efficiently.

Licensee Search

The following license data is available on the Open NY portal where you will be able to browse, filter, sort and export the data. The site will also allow the data to be accessed through an Application Programming Interface (API):
 

Open NY portal (Appraisal Management Company)


Searches are limited to active licenses only. You may search as follows:

  • By ID Number (Unique ID or Registration Number)
  • By Name (last name, first name and optionally city/zip code/county)
  • By Business Name (business name and optionally city/zip code/county)


Every effort has been made to ensure that the information contained on this site is up to date and accurate. As the Department relies upon information provided to it, the information's completeness or accuracy cannot be guaranteed.

Please note that information pertaining to residence addresses is not included on this database. Such information is protected by privacy law.

FAQs

What is an Appraisal Management Company (AMC)?

New York State law (Article 6-H of the Executive Law) defines an Appraisal Management Company as an individual or business entity that provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates, provides such services in connection with valuing a consumer’s real property as security for consumer credit transactions secured by a consumer’s principal dwelling, and within a given year, oversees an appraisal panel of more than fifteen appraisers working in New York State or twenty-five or more appraisers working in two or more states. A business that hires both appraisers as employees and engages appraisers as independent contractors shall only include the independent contractors during numerical calculation to determine if they meet the definition of an AMC for purposes of state registration.

Who is excluded from this law?

An AMC shall not include a department or division of an entity that provides appraisal management services only to that entity. An individual who hires an appraiser solely for his or her own purposes, shall not be deemed an appraisal management company.

What is a Controlling Person?

Controlling person means an owner, officer or director of the AMC or an individual who holds an ownership interest of such company; an individual employed, appointed or authorized by an Appraisal Management Company that has the authority to enter into a contractual relationship with other persons for the performance of AMC services and has the authority to enter into agreements with appraisers for the performance of appraisals; or an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the AMC. All controlling persons must be identified on this application.

Who is the Designated Controlling Person (Applicant)?

The Designated Controlling Person meets the definition of Controlling Person who will be the main contact for all communication between the department and the appraisal management company.

What is a Federally Regulated AMC?

Federally regulated AMC means an AMC that is owned and controlled by an insured depository institution, as defined in 12 U.S.C. 1813 and regulated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation.

What are the requirements of a Federally Regulated AMC?

An AMC regulated by a federal financial institution regulatory agency is excluded from the registration requirement but required to report to the department annually the number of appraiser panel members who performed appraisals in New York for the AMC. See “What is the ASC National Registry reporting requirement” contained within these instructions.

What is an Appraiser Panel?

An appraiser panel is a network, list or roster of licensed or certified appraisers approved by the appraisal management company to perform appraisals in New York as independent contractors for the appraisal management company. There is a fee of $25 for each appraiser listed on your appraiser panel.

How do I add or remove a panel member from our roster after obtaining registration?

Adding or removing a member from your panel can be completed online using your established account by choosing the appropriate amendment option or by submitting an Appraisal Management Company Panel Change Notification form along with the appropriate fee.

Can an AMC hire a person who is not licensed or certified?

Section 160-jjjj(3) makes it unlawful for an AMC to: "hire, employ or engage, or in any way contract with or pay a person who is not licensed or certified as a real estate appraiser by the department pursuant to article six-E of this chapter, unless the work being performed is a comparative market analysis for the purpose of or intention to list or sell real estate." The Department interprets this section broadly while still adhering to the statute’s original purpose.

This section does not mean that AMCs are prohibited from hiring non-licensed or non-certified appraisers to perform tasks indirectly connected with valuing a consumer’s principal dwelling, including Broker Price Opinions (a/k/a BPOs). However, if the real estate appraiser will need to rely upon the information to perform the valuation,  an AMC would need to hire a licensed or certified appraiser.

For example, an AMC would be prohibited from hiring a non-licensed or non-certified appraiser from taking property photographs if such photographs are likely to be materially relied upon by an appraiser retained by the AMC in connection with valuing a consumer’s property.

For more information regarding employment by AMCs, including to see a list of acceptable hiring practices, please review our Guidance for Appraisal Management Companies available here.



Are AMCs Required to Disclose Appraiser Fee Information?

Yes, AMCs are required to disclose the fee owed or paid to the appraiser completing an appraisal assignment.

Section 160-oooo requires that a "copy of the appraiser’s invoice with a copy of any appraisal report [be] submitted to a client or a client’s representative".  This section of the law requires that the appraiser’s invoice be provided at the same time as the appraisal report is submitted to the client; however, it does not require that the appraiser’s invoice be provided within the appraisal report. The appraiser may include this information in the actual report at his/her own discretion and the AMC is prohibited from restricting the appraiser’s rights to do so.

The Department liberally interprets an “invoice” as any bill-like document or statement, whether originally prepared by the appraiser or the AMC, accurately itemizing the list of services provided and detailing amount directly paid or owed to the appraiser for his/her services. 

If an appraiser is an employee of the AMC and not contracted/paid per appraisal report, the AMC must disclose when submitting the appraisal to the client that all fees for services were retained by the AMC and the sum “invoiced” for the particular assignment by the appraiser may be disclosed as “salaried”.


How Are AMCs Required To Pay Appraisers?

An AMC is not required to pay an appraiser for services in any particular method. An appraiser may accept payment for services through any means (e.g., cash, check, direct deposit, etc.) that is agreed upon by both parties. However, AMCs are required to "make payments" to the appraiser within 30 days. Section 160-oooo(1)(g) states:"[e]ach appraisal management company operating in this state shall make payment to an appraiser for the completion of an appraisal or valuation assignment within thirty days of the date on which such appraiser transmits or otherwise provides the completed appraisal or valuation services to the appraisal management company or its assignee." The Department interprets "make payment" as providing funds to the appraiser within 30 days through any accepted form of payment.

Are AMCs Required To Disclose Their Fees?

Yes, AMCs are required to disclose the fee they collect for AMC services to their clients. Section 160-oooo(e) states it is unlawful for an AMC to “[k]nowingly fail to separately state the fees paid to an appraiser for appraisal services and the fees charged by the appraisal management company for services associated with the management of the appraisal process to the client, borrower and any other payer.” Accordingly, the fee for AMC’s services must be separately stated from the fee paid to the appraiser. Nothing in this section requires the AMC to disclose to the appraiser how much the AMC collects from the client, borrower and any other payer.

What is the ASC National Registry reporting requirement?

The AMC will be required to submit annually a list of appraisers on its appraiser panel who performed appraisals in New York as independent contractors for the AMC in connection with a covered transaction along with a fee of $25 for each appraiser listed to be reported on the ASC National Registry.

The initial annual reporting period is a 12-month period beginning 15 months immediately preceding application submission. This will be your annual reporting period for subsequent years.

Example:
Application submission date = 1/1/2019.
Initial National Registry reporting period will be 10/1/2017 - 9/30/2018.
Subsequent annual reporting periods will be 10/1 to 9/30 each year.


How do I apply for Registration?

The Division of Licensing Services encourages applicants to apply online. Using online services provides quicker processing of your application and allows you to view the status of your application through your online account. Additionally, you can amend your license record, submit annual reports and renew your license more efficiently. To apply online, create a NY.gov business account and follow the application instructions provided, click here.

Contact Contact the Division of Licensing Services

Mailing Information:

NYS Department of State
Division of Licensing Services
PO Box 22001
Albany NY 12201-2001


Please note: If you utilize express services or next day ground services such as UPS, Federal Express, DHL, etc. you should use the physical address of the building.

Albany Physical Address
Division of Licensing Services
1 Commerce Plaza
99 Washington Avenue, 6th Floor
Albany, NY 12231

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Phone Information:

General Information (518) 474-4429
Security Guard and Armored Car Guard Information (518) 474-7569
 

Call Center Representatives are available from 8:45am to 4:30pm Monday through Friday except on Legal Holidays.

Deaf, hard of hearing and speech-disabled callers, please use 7-1-1

For all other inquiries, email Licensing Services

 

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Visitor & Customer Service Center Information:

Below is a listing of Licensing Customer Service Centers and the hours of operation. All Customer Service Centers are following COVID-19 guidelines and all visitors are asked to abide by these guidelines. Please monitor this page for updates to office hours, guidelines and or any closures.

Albany: This office is open for all services. All visitors are asked to follow COVID guidelines.

NYS Department of State
Division of Licensing Services
1 Commerce Plaza
99 Washington Avenue, 6th Floor
Albany, NY 12231
 

Customer Service hours: Monday - Friday 9:00 am - 4:30 pm

*Important note about Apostille and Certification of Authentication Services: Apostille and Certification of Authentication documents may be dropped off for processing. Customers may provide prepaid envelopes for priority returns. Priority appointments based on travel plans within two weeks may be scheduled at our Albany or New York City customer service office. For further information, please visit https://dos.ny.gov/apostille-or-certificate-authentication

Parking
Limited on street metered parking is available for 1 Commerce Plaza in Albany. The Office of General Services has various parking lots throughout downtown Albany which have limited visitor parking. To find out more information about the OGS lots, please visit their website.  

New York City: This office is ONLY open to accept Apostille and Certification of Authentication documents and for priority Apostille appointments. The office will remain temporarily closed for all other services. All visitors are asked to follow COVID guidelines.

NYS Department of State
Division of Licensing Services
123 William St. 2nd Fl.
New York, NY 10038-3804

Customer Service hours: Monday - Friday 9:00am to 3:30pm

*Important note about Apostille and Certification of Authentication Services: Apostille and Certification of Authentication documents may be dropped off for processing. Customers may provide prepaid envelopes for priority returns.Priority appointments based on travel plans within two weeks may be scheduled at our Albany or New York City customer service office. For further information, please visit https://dos.ny.gov/apostille-or-certificate-authentication

 

Binghamton: This office is open for all services. All visitors are asked to follow COVID guidelines.

NYS Department of State
Division of Licensing Services
State Office Building 44 Hawley Street, Room 1506
Binghamton, NY 13901-4455
(518) 474-4429

Customer Service hours: Tuesday and Thursday -  9:00am to 3:00pm

 

Buffalo: This office is open for all services. All visitors are asked to follow COVID guidelines.


NYS Department of State
Division of Licensing Services
295 Main Street, 8th Floor, Suite 821
Buffalo, NY 14203
(518) 474-4429



Customer Service hours: Wednesday and Friday -  9:00am to 3:00pm

 

Hauppauge: This office is open for all services. All visitors are asked to follow COVID guidelines.

NYS Department of State
Division of Licensing Services
State Office Building
250 Veterans Memorial Highway
Hauppauge, NY 11788-5519
(518) 474-4429

Customer Service hours: Tuesday and Thursday -  9:00am to 3:00pm

Utica: This office is closed until further notice.

NYS Department of State
Division of Licensing Services
State Office Building
207 Genesee Street
Utica, NY 13501-2812
(518) 474-4429