Taking an innovative approach to solving the home valuation problem, the Michigan Association of REALTORS® launched its own appraisal management company. In March, MAR purchased the Midwest Appraisal Management Group and relaunched it as a subsidiary of the association to address concerns regarding geographic competence of appraisers, rising costs to consumers, declining valuation independence, and the overall inaccurate appraisals that have been plaguing the industry since the mortgage crisis.
By solely using certified appraisers who are REALTOR® association members, possess a thorough knowledge of the local market, and have access to the relevant area’s MLS, Midwest Appraisal Management Group says REALTORS® and consumers can have confidence that more competent appraisal reports will be going to lenders. These standards will protect the dream of home ownership and the soundness of mortgage securities, the association says. For more, visit www.midwestamg.com.