Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > State Forums > Individual States > Illinois
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #11  
Old 07-08-2011, 08:39 AM
form1025's Avatar
form1025 form1025 is offline
 
Join Date: Jul 2009
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 343
Default

Just for clarification, after the bill has been signed,what amount of time does an amc have to implement any changes and register?
Sponsored Links

  #12  
Old 07-08-2011, 05:03 PM
ExplainDNA's Avatar
ExplainDNA ExplainDNA is offline
 
Join Date: Oct 2008
Location: Crystal Lake, IL.
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 3,701
Default

I'm glad we don't work for AMCs.

Best,

Dave...
__________________
AMCs via choice, not committee.
  #13  
Old 07-08-2011, 06:59 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 27,903
Question

Quote:
Originally Posted by leelansford View Post
Hang in there re: governor signing the law. Once signed, the announcement will come loud and clear.
Does the Bill present any compliance requirements directed at the Big Box lender-owned AMC subsidiaries exempted from State Registration (Dodd-Frank) that control approx. 80% of mortgage appraisals?
__________________
Kill the Contract Review Bull$eye - Now.
  #14  
Old 07-08-2011, 10:46 PM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,604
Default

Quote:
Originally Posted by Mike Kennedy View Post
Does the Bill present any compliance requirements directed at the Big Box lender-owned AMC subsidiaries exempted from State Registration (Dodd-Frank) that control approx. 80% of mortgage appraisals?

Mike, Sec. 15 of the AMC Law lists the exemptions and the "Big Box lender-owned AMC subsidiaries" are not among these exemptions. As you might guess, there is great interest (at least among appraisers if not the AMCs ) here in IL in having these AMCs regulated.

The Law, however, does allow for this single possibility: "In the event that the Final Interim Rule of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act provides that an appraisal management company is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution's regulatory agency and is exempt from the State appraisal management company registration requirements, the Department, shall, by rule, provide for the implementation of such an exemption."

I was informed by an appraiser (and, member of the IL Coalition of Appraisal Professionals, or, ICAP, legislative committee) who was an active participant in the crafting of the bill that all should be well.

-Lee
__________________
Lee Lansford, IFA
"My opinions & my opinions only!"
  #15  
Old 07-09-2011, 12:16 AM
ExplainDNA's Avatar
ExplainDNA ExplainDNA is offline
 
Join Date: Oct 2008
Location: Crystal Lake, IL.
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 3,701
Default

It's late, and I'd like to speak my mind, but it won't matter, so I won't.

Best,

Dave...
__________________
AMCs via choice, not committee.
  #16  
Old 07-09-2011, 12:49 AM
Brian Weaver Brian Weaver is offline
 
Join Date: Apr 2005
Location: Chicago area
State: Illinois
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 2,514
Default

The Governor's staff has 800 bills to consider between now and August. While few are "structural" Acts like our AMC bill, the range of topics is wide. This is why it typically takes so much time to get a bill signed.
  #17  
Old 07-09-2011, 12:53 AM
ExplainDNA's Avatar
ExplainDNA ExplainDNA is offline
 
Join Date: Oct 2008
Location: Crystal Lake, IL.
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 3,701
Default

That's naive. There's a much simpler reason than that, Brian. Anyone who understands Illinois will understand what that reason is.

Dave...
__________________
AMCs via choice, not committee.
  #18  
Old 07-09-2011, 06:36 AM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 27,903
Default

Quote:
Originally Posted by leelansford View Post
Mike, Sec. 15 of the AMC Law lists the exemptions and the "Big Box lender-owned AMC subsidiaries" are not among these exemptions. As you might guess, there is great interest (at least among appraisers if not the AMCs ) here in IL in having these AMCs regulated.

The Law, however, does allow for this single possibility: "In the event that the Final Interim Rule of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act provides that an appraisal management company is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution's regulatory agency and is exempt from the State appraisal management company registration requirements, the Department, shall, by rule, provide for the implementation of such an exemption."

I was informed by an appraiser (and, member of the IL Coalition of Appraisal Professionals, or, ICAP, legislative committee) who was an active participant in the crafting of the bill that all should be well.

-Lee
Thanks Lee, the Contrarian Leprechaun in me urges States to challenge the Exemption below and claim State's Rights supercede arbitrary over-reaching by the Feds craftily designed to protect the status quo to the detriment of their Citizenry.

‘‘SEC. 1124. APPRAISAL MANAGEMENT COMPANY MINIMUM REQUIREMENTS.
‘‘(a) IN GENERAL.—The Board of Governors of the Federal
Reserve System, the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, the National Credit Union Administration
Board, the Federal Housing Finance Agency, and the Bureau
of Consumer Financial Protection shall jointly, by rule, establish
minimum requirements to be applied by a State in the registration
of appraisal management companies. Such requirements shall
include a requirement that such companies—
‘‘(1) register with and be subject to supervision by a State
appraiser certifying and licensing agency in each State in which
such company operates;
‘‘(2) verify that only licensed or certified appraisers are
used for federally related transactions;
‘‘(3) require that appraisals coordinated by an appraisal
management company comply with the Uniform Standards of
Professional Appraisal Practice; and
‘‘(4) require that appraisals are conducted independently
and free from inappropriate influence and coercion pursuant
to the appraisal independence standards established under section
129E of the Truth in Lending Act.
‘‘(b) RELATION TO STATE LAW.—Nothing in this section shall
be construed to prevent States from establishing requirements in
addition to any rules promulgated under subsection (a).
‘‘(c) FEDERALLY REGULATED FINANCIAL INSTITUTIONS.—The
requirements of subsection (a) shall apply to an appraisal management
company that is a subsidiary owned and controlled by a
financial institution and regulated by a Federal financial institution
regulatory agency. An appraisal management company that is a
subsidiary owned and controlled by a financial institution regulated
by a Federal financial institution regulatory agency shall not be
required to register with a State.

Dodd-Frank Financial "Reform" Act of 2010
( the more things change the more they stay the same - the game continues)
__________________
Kill the Contract Review Bull$eye - Now.

Last edited by Mike Kennedy : 07-09-2011 at 06:48 AM.
  #19  
Old 07-09-2011, 07:06 AM
DTB's Avatar
DTB DTB is offline
 
Join Date: Jun 2004
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 7,778
Default

Quote:
Originally Posted by ExplainDNA View Post
That's naive. There's a much simpler reason than that, Brian. Anyone who understands Illinois will understand what that reason is.

Dave...
Do I hear envelopes being filled? Nah, couldn't be.
__________________
Appraising, picking up nickels in front of a steamroller.
  #20  
Old 07-09-2011, 07:40 AM
Noreen Noreen is offline
 
Join Date: Feb 2011
State: New Hampshire
Professional Status: Certified Residential Appraiser
Posts: 1,773
Default

Mike, that is a good point, I know I was under the impression that the reason for licensing within a state is to "quantify" States Rights" within those boundaries.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 04:37 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93