Action | Initial Appraisal Management Company Regulations |
Stage | Proposed |
Comment Period | Ended on 3/28/2014 |
Here are Regs taken directly for the state of Louisiana AMC law. I would like Virginia to adopt the same. Plus No Bank or Lender should be allowed to have any ownership interest in any AMC. Also banks and lenders should never be allowed to have staff appraisers; staff reviewers are ok, but never again should they have staff appraisers. Still there is a conflict of interest.
http://www.reab.state.la.us/AMC_license_law.html
Fees; customary and reasonable; disclosure
A. - An appraisal management company shall compsenate appraisers at a rate that is customary and reasonable for appraisalsbeing performed in the market area of the property being appraised, consistent with the presumptions of compliance under federal law.
B.- An appraisal management company shall separately state to the client all of the following:
(1) The fees paid to an appraiser for appraisal services.
(2) The fees charged by the appraisal management company for services associated with the management of the appraisal process, including procurement of the appraiser's services.
C. (1) An appraisal managament company shall not prohibit any appraiser who is part of an appraiser panel from recording the fee that the appraiser was paid by the appraisal management company for the performace of the appraisal within the appraisal report that is submitted by the appraiser to the appraisal management company.
(2) An appraisal management company shall not include any fees for appraisal management services performed by the company in the amount the company reports as charges for the actual completion of an appraisal by the appraiser.
Acts 2012, No.429, eff May 31, 2012.