There aren’t many differences in quality when using an appraisal management company versus an individual appraiser, according to a new staff working paper published this week by the Federal Housing Finance Agency. Appraisal Management Companies (AMC), created to add a layer of oversight to the appraisal process, emerged as key players only after the 2008 housing crisis. The FHFA studied whether there were any systematic quality differences between AMC and non-AMC appraisals and found no evidence of such. Advocates tout AMCs as producing better quality and less biased appraisal reports, which lessens risks to lenders. But others say AMCs offer no quality assurance contribution and argue that their appraisers are less qualified.