Urge your Representative to Vote for Regulation of AMCs
Urge your Representative to Vote for HB 210 Regulation of AMCs
As you know, VaCAP leadership has been working hard with VAR and the VAR Appraisal Alliance to help draft and support an AMC regulation bill. This bill is currently in the Virginia House of Delegates, and will cross over to the Senate on February 15th. Since many local realtor associations now require appraisers to be full members in order to obtain access to their MLS systems, VaCAP has many members who are also members of VAR. If you are a member of VAR, your dues have helped to pay for this effort and you are both entitled and encouraged to take advantage of this opportunity. We urge you to join other appraisers in Richmond for Realtor Day On The Hill, February 15th. This is an important day because it gives each registrant the opportunity to meet with your representative and voice your support for this important bill that affects all of us. There will also be legislative updates, seminars, luncheons, receptions, etc. You can see the complete schedule for the entire event and you can register the day of the event in Richmond, or you can register in advance for a lower cost. For more information about how to register, what the cost is, and a list of events that the registration fee covers, please click on the link below.
We realize that Richmond is a long drive for some of you, and may not be feasible. However, you can still help support the effort by calling or writing your local representative and urging them to vote for the bill. The reference for the bill is HB210, and you can go directly to the bill by clicking on the link below. Keep this link handy, as it will allow you to follow the progress of the bill and see any changes or amendments that are being made to the bill. Opponents of the bill will attempt to make changes and water it down throughout the process. We need to be prepared for this and keep ourselves informed of the current language of the bill as it moves along.
This AMC legislation is one of the most important things that your VaCAP dues have helped to advance so far. We have come a very long way in the nine months since VaCAP was formed, but we need your help to finish this crucial task. It is extremely important that our legislators hear from each and every VaCAP member. Take some time to read the law, so that you can have an informed conversation with them or write them a knowledgeable letter. You don’t need to be an expert in “legalese” to figure out how some of the items in the bill affect appraisers and borrowers across the state. You already live the effects of lack of AMC regulation and oversight every day. If you can’t come to Richmond, contact your representative at their home area office or send them a letter. If you don’t know who your representative is, follow the link below and click on “Who’s My Legislator”.
We know you are all very busy. Running an appraisal business successfully in the current environment is a daunting task on its own. With the constant pressure to do more work for lower fees, nobody needs more on their plate to do. However, please keep in mind that everything we do is strictly volunteer, so we desperately need all hands on deck to have the greatest impact. A few minutes of your time now can pay huge dividends down the road, and your fellow members will greatly appreciate it.
Excerpts of the bill:
The appraisal management company shall not prohibit an appraiser from disclosing in the appraisal report the actual fees charged by an appraiser for appraisal services, and shall otherwise comply with any applicable requirements of federal law including the requirements of the United States Department of Housing and Urban Development.
Allowing the removal of a real estate appraiser from a list of qualified appraisers used by any entity without prior written notice to the appraiser. The notice shall include written evidence of the appraiser’s illegal conduct, substandard performance, or otherwise improper or unprofessional behavior or any violation of the Uniform Standards of Professional Appraisal Practice or licensing standards for appraisers in the Commonwealth;
RequiringRequesting or requiring an appraiser to sign any indemnification agreement that would require the appraiser to defend and hold harmless the appraisal management company or any of its agents, employees or independent contractors for any liability, damage, losses, or claims arising out of the services performed by the appraisal management company or its agents, employees or independent contractors and not the services performed by the appraiser; or RequiringRequesting or requiring an appraiser to provide the company with the appraiser’s digital signature or seal.
The fees charged by an appraisal management company and fees paid to appraisers shall be separately reflected on the good faith estimate provided by the lender and on the settlement statement in compliance with (i) the Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. § 2601 et seq.), as amended; (ii) regulations adopted pursuant to the Real Estate Settlement Procedures Act of 1974; and (iii) § 55-525.14.
By Heather Fox