The appraisal industry is currently going through a period of transition. New regulations limiting the type of interactions that are permissible between lenders and appraisers have brought appraisal management companies (AMCs) into the center of the valuation world. And while AMCs have helped to act as a buffer between lenders and appraisers to ensure compliance, the inclusion of a third party has also caused a great deal of uncertainty. What is a customary and reasonable fee these days? What is the expected turnaround time for an appraisal report? How long should it take to get paid for a given assignment? These are the million-dollar questions that still remain largely unanswered.