Disclosing the appraisal fee in the report as per NJ AMC law?

[Nikolay Pavlov]

One of the AMCs that I work with says that per NJ AMC law we have to disclose the appraisal fee received in the report, plus the AMC registration number. Can't find anything about this though. Anybody knows anything about this? Thanks

 

[andrew81]

i found proposed changes but havent found the actual regulation yet

Pages - Rule Proposal

New Jersey Division of Consumer Affairs

www.njconsumeraffairs.gov

Proposed new N.J.A.C. 13:40A-9.7 concerns the responsibilities of a certified or licensed appraiser performing an appraisal assignment for an AMC. Subsection (a) specifies the responsibility of ensuring that the conduct of non-appraiser assistance is compatible with the professional responsibilities of the appraiser under Federal and State laws, rules, and regulations, including, but not limited to, conformance with USPAP. Paragraph (a)1 provides examples of non-appraiser assistance. Subsection (b) requires each State-certified or licensed appraiser to include on every appraisal performed pursuant to the Act, both the appraisal management company registration number and the amount of the fee received by the appraiser for performance of that appraisal.

 

[andrew81]

looks like it is an amendment to Chapter 40A of the Real Estate Appraiser Board Regulations, not an AMC law. they are adding a Section 9

 

[Nikolay Pavlov]

Thank you! All the way from Illinois, nonetheless

 

[Walter Kirk]

I never heard about this action by the state. Of course the N.J. Board has zero communication with the appraisers who pay for the Board.
That being said the notice of the AMC's registration and the disclosure of the fee actually paid to the appraiser both comply with requests made by the N.J. chapter of the AGA over five years ago.

 

[Nikolay Pavlov]

And here it is, adopted:

https://www.njconsumeraffairs.gov/Adoptions/realado_070119.pdf

 

[jay trotta]

Thought I read a piece on NJ - Banking Law for Disclosure that had similar input over the past few months, it followed the NYC law to disclose. States have a responsibility to their Consumer Protection Laws and should protect their Tax paying public accordingly.

 

[glenn walker]

So put the fee in your report , nobody cares : ) LOL

 

[Nikolay Pavlov]

I'll make sure I'll put it somewhere visible. People ask me sometimes how many jobs I do a day, and when I tell them it sometimes happens that I inspect 3-4-5, they're like WOW, at 500-600 a pop, that's a lot of money, that's an awesome gig. To which I explain that first, it takes me awhile to write those 3-4-5 reports, and second, that 500-600 doesn't all go to me, not even close. And they're like, oh **** we didn't know that... So maybe this will bring some awareness...

 

[andrew81]

on the additional comments page

- The compensation for this appraisal assignment is $412.
- A $12 technology fee has been paid for the delivery of the appraisal report.
- The client is the appraisal management company Xome Valuation Services, which is acting as an authorized agent for the lender Mortgage Research Center LLC ISAOA.
- The appraisal management company's Illinois registration number is 558.000095 and it expires on 12/31/2020.

also when it is a mercury order i say this

- A Mercury Network processing fee has been paid for the procurement of this assignment.