Look for AMCs to feel the heat from multiple sources as the spotlight is directed at their role in the lending process and what should be their “customary and reasonable fee”. Appraisers are becoming organized and are laser focused on getting out the message that AMC fees should be separated from appraiser fees in disclosure documents and should be based on “cost plus” models. Many responsible AMCs will do well in 2017 but a significant number of AMCs will not make it through the year.