Compliance Notification to AMCs
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Virginia Coalition of Appraisal Professionals’ Courtesy notification to AMCs licensed in Virginia
On Monday March 29, 2016, VaCAP sent via email a courtesy notification to each AMC licensed in Virginia along with a copy of the Guidance Document issued by the Department of Professional Occupation Regulation. They will follow up with a hard copy to each licensed AMC next week as well. VaCAP continues to Unite, Preserve and Promote the collective interests of all appraisal professionals in the Commonwealth of Virginia.
To all Licensed AMCs in Virginia:
This correspondence is intended as the Virginia Coalition of Appraiser Professionals (VaCAP) courtesy notification to your firm of the Virginia Real Estate Appraisal Board’s recent adoption of a presumptive minimum of compliance regarding the mandatory payment of customary and reasonable appraisal fees in the Commonwealth of Virginia as mandated by 54.1-2021.1.B.22.k and 54.1-2022.1 of the code of Virginia and 18 VAC 130-30-160.15 of the Board’s Appraisal Management Company Regulations. VACAP represents appraiser members across the Commonwealth of Virginia, and serves to promote public confidence in the appraisal profession as one of its central tenets.
On February 23, 2016, the Virginia Real Estate Appraisal Board formally adopted the Veterans Administration Fee Schedule as a presumptive minimum compliance threshold. The ruling is intended to bring AMC related appraisal activity into compliance with the federal Dodd-Frank Law and Virginia Legislation. This action ultimately protects the consumers of the Commonwealth of Virginia.
The Board’s ruling clearly outlines a minimum presumption of compliance with customary and reasonable fees as the Veterans Administration Fee Schedule in effect at the time an appraisal order is placed. The Virginia Real Estate Board further emphasized the fee correlates to the scope of work required for a typical appraisal performed in conjunction with the Veterans Administration requirements. The Virginia Real Estate Appraisal Board provided further clarification by emphasizing that any expansion of the scope of work beyond the Veterans Administration assignment scope of work (such as requests for additional comparables, active/pending listings, cost approach development, graphs, charts, etc.) additional compensation to the appraiser to reflect that additional work is due.
As a professional courtesy, please forward the attached Guidance Document issued by the Department of Professional and Occupation Regulation to your lender/clients to ensure their understanding of the minimum compliance of the Code of Virginia and the Board’s Regulation.
The Virginia Coalition of Appraisal Professionals